Breaking: Tinubu Orders CBN Gov Cardoso to Resign Immediately? Presidency Breaks Silence

A report circulating online claims that President Bola Tinubu has asked Olayemi Cardoso to resign as the Governor of the Central Bank of Nigeria (CBN) due to his inability to stop the poor performance of the economy and the free fall of Nigeria’s currency, the Naira. Cardoso allegedly promised to revive the Naira to between N700 and N900 to $1 before May 29, 2024 but failed to deliver.

Source of the Claim:

According to sources, Cardoso’s resignation was ordered by President Tinubu before he left Nigeria for a trip to China.

However, Cardoso, accompanied by Yoruba elders, begged President Tinubu to rescind the resignation order, but the president refused, stating that Cardoso had failed to live up to expectations.

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The Naira has been on a historic fall since Cardoso took office, plummeting by 117.41% to N1645.626/$1 as of September 17. This decline has led to widespread criticism and concern about the state of the economy.

Reasons for Resignation Request:

Failure to Revive Naira: Cardoso failed to meet his promise to revive the Naira to between N700 and N900 to $1.

Poor Economic Performance: The economy has struggled under Cardoso’s leadership, with record debt, double-digit inflation, and fragile power supplies ².

Alleged Mismanagement: Cardoso and his deputies have been accused of mismanaging funds, buying SUVs valued at over N10 billion, and expending millions on accommodation .

Fact-Check Findings:

Presidency’s Response: Bayo Onanuga, Special Adviser to President Tinubu on Information and Strategy, has publicly refuted the claim. On Tuesday, Onanuga took to his verified account on the social media platform X (formerly Twitter) to deny the report, labeling it a fabrication.

“It’s all lies. President Tinubu has not asked Yemi Cardoso to resign,” Onanuga clarified in his post, directly dismissing the rumor.

The claim that President Tinubu asked Yemi Cardoso to resign as CBN Governor is false. The presidential aide, Bayo Onanuga, has unequivocally denied this report, calling it a lie. As of now, Cardoso remains in his role, and no credible evidence supports the claim of his resignation or impending dismissal.

Our Verdict:
False – There is no basis to the claim that President Tinubu has asked Yemi Cardoso to resign as Governor of the Central Bank of Nigeria.