The CBN deserves credit for its swift intervention. The naira's performance in recent weeks, which has seen it jump from the worst-performing currency to the best-performing currency globally, has offered a sigh of relief to many Nigerians after about eight tumultuous months of a cost-of-living crisis partly occasioned by the free fall of the currency. Mr Cardoso has proved his finesse in economics in just eight months in office as CBN governor, ameliorating the damages wrought by the embattled Godwin Emefiele, the immediate ex-CBN governor.
Aig-Imokhuede clarified that he was optimistic that the group's shareholders would assist the bank in its endeavor, given that the bank had declared its intention to commence a capital raising through Right Issue.
The judge emphasised that he was content with the N1 million bail terms that had previously been granted to Mr. Emefiele's co-defendant, Henry Isioma-Omoil. Judge Olufunke Sule-Hamzat of the Lagos High Court is the judge in charge of Mr. Emefiele's other case.
As Bismarck Rewane, CEO of Financial Derivatives, put it recently in a brilliant presentation on Channels TV, “if your GDP is at 3.4 per cent and your money supply grows by 79 per cent, ab initio, you are 73 per cent under water.” And, of course, the CBN must act!