• Saturday, March 02, 2024
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Former banker endorses CBN Governor’s FX reforms amid naira volatility

Former banker endorses CBN Governor’s FX reforms amid naira volatility

John Darlington, the founder and CEO of the defunct Bond Bank, expressed strong support for Central Bank of Nigeria (CBN) Governor Olayemi Cardoso’s efforts in stabilising the naira and implementing foreign exchange (FX) reforms.

Darlington made this disclosure in a recent interview with BusinessDay recently, stating “The naira has seen extreme fluctuations, going from N900 per dollar in January to N1419/$ just yesterday.” He also lauded Governor Cardoso’s interview on Arise TV, where the governor outlined plans to curb the naira’s decline. “Governor Cardoso was candid, knowledgeable, and honest. It’s rare to see such openness from a CBN governor,” Darlington said.

Read also: Growing FX demand for education, medical tourism putting pressure on naira – Cardoso

Furthermore, Darlington emphasised the importance of media support in these reforms. “The way headlines and stories are tailored is fundamental to Governor Cardoso’s success,” he explained, adding that banks and bankers must also display patriotism and responsibility.

Read also: Naira gains 4.49% in 1 week driven by CBN’s policies

Regarding criticisms of the central bank governor’s slow pace in implementing reforms, Darlington urged patience. “It takes time to address the complexities and undo the rot from the previous administration,” he said.

Darlington also called for support from all stakeholders, including the media, banking community, and ordinary citizens, highlighting the need for integrity in banking and for CEOs to align with regulatory policies. “We must have faith in our leadership. Give them six to nine months, and the results will be evident,” he asserted.