As Olayemi Cardoso, the newly appointed governor of the Central Bank of Nigeria, assumes full control of the organisation this week, his biggest challenges will be to rebuild trust in the institution after eight years of poor management.
He’ll also have to increase confidence in the nation’s currency; the naira, which has taken a good beating over the years, and produced one of the highest rates of inflation on the continent.
President Bola Tinubu has implemented a number of new measures since taking office in May, including eliminating a $10 billion yearly fuel subsidy and liberalising the foreign exchange market. The much-needed changes, however, negatively affected an already weak economy.
