Since his appointment as Governor of the Central Bank of Nigeria (CBN) on October 4, 2023, Yemi Cardoso has stood at the helm of an institution pivotal to Nigeria’s economic fortunes. As of March 26, 2025, his tenure—now approaching 18 months—offers a complex narrative of ambitious reforms, inherited challenges, and contentious allegations of mismanagement. For Nigerians, whose lives are intricately tied to the CBN’s policies, Cardoso’s leadership is more than a bureaucratic footnote; it’s a litmus test for whether Nigeria’s economic trajectory can shift from perennial crisis to sustainable growth. This article explores Cardoso’s journey so far, his achievements, the shadows cast by allegations, and what it all means for a nation of over 200 million people yearning for stability and prosperity.
To understand Cardoso’s tenure, one must first grasp the state of the CBN he inherited. His predecessor, Godwin Emefiele, left office in June 2023 under a cloud of scandal. Emefiele’s nine-year reign was marked by unorthodox policies—such as multiple exchange rates and direct interventions in agriculture—that critics argued blurred the lines between monetary policy and political favoritism. By the time he departed, Emefiele faced charges of fraud, including a $6.9 billion corruption case tied to forex manipulations, leaving the CBN’s reputation in tatters. The naira had lost over 60% of its value against the dollar in a decade, inflation hovered above 20%, and foreign reserves were critically low, deterring investors and strangling businesses reliant on imports.