The Nation Newspaper Cardoso and renewed hope in the CBN
Accept my hearty congratulations for your brilliant performance on ARISE TV today. The cadence and tone of your responses, added to your executive carriage, conveyed an image of the CBN we have not witnessed for a long time. You offered superior education to the nation and confidence to the international community. Well done!— Response from Yemi Cardoso on February 6, 2024.
However, to Cardoso’s credit, the only infraction he mentioned was in response to a question about a $7 billion uncleared foreign debt he met on ground. As of the time of the interview, Cardoso confirmed that he had cleared $2.4 billion of the debt, leaving only a balance of $2.2 billion, after forensic audit identified various infractions and irregularities with a whopping $2.4 billion of the supposed debt.
Two, the CBN revoked the licenses of over 4,000 Bureax de Change Operators for failing to observe regulatory provisions. Furthermore, hundreds of illegitimate forex operators were closed down with the assistance of the Economic and Financial Crimes Commission. Reading between the lines, the measures taken so far by Cardoso’s CBN reveal some of the culprits behind the volatility of the foreign exchange market. They include banks and BDCs. The two institutions are largely responsible for the widening gap between official and parallel market rates. We now know why BDC operators parade banking halls, engaging in transactions with banks and their customers alike.
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