The House of Representatives has stated that the Governor of the Central Bank of Nigeria, Dr Yemi Cardoso and his team are making the same mistakes that his predecessor, Godwin Emefiele made that crippled the economy and left the nation on the brink of collapse.
![](https://thenigerialawyer.com/wp-content/uploads/2026/05/2026-Summer-IDRI-Masterclass.jpg")
The Deputy Spokesman for the House of Representatives, Hon. Philip Agbese, made the remarks recently when elder statesman and former Minister of Agriculture, Chief Audu Ogbeh paid him a courtesy visit to his office.
Agbese described the new leadership of the apex bank as incompetent and unprepared, adding that the recent spike in the dollar-naira exchange rate shows the new leadership was taking Nigeria backwards.
He advised Cardoso and his team to get their acts right.
Agbese warned that Nigerians would not endure another hardship and suffering as they did when Emefiele was the CBN governor.
The statement reads in part, “The Cardoso-led CBN is not ready for the task. While it is still early days the steps taken so far depict incapacity.
“The recent spike in the exchange rate of the dollar is a clear indication that the new CBN leadership has gotten things wrong from the start.
“The freefall of the naira in the unofficial market has been exacerbated by the removal of currency restrictions on the official market. These restrictions had previously propped up the naira’s value.
“The lifting of the ban on the importation of some items at a time when our import is already high and local companies struggling to survive has shown that we are far from the end of the troubles at the moment.
“One would expect the CBN to increase the number of the items so that local production for domestic consumption will be increased and impact positively on the economy.
“You can see how the dollar rate is rising. What it means is that all those who used to go to the parallel market for dollars are now going to the government to demand it.
“The CBN wanted to close the gap between the official and the black market to discourage round-tripping, but do they have the capacity to fund the dollar demand? They don’t have it. So, it is a cheap and lazy way of managing the monetary policy of the country so that people will say the government is working.
“But the truth of the matter is that the business proposition is not valid, the CBN did not interact with the stakeholders. This policy will make Nigeria lose all the gains that we may have made as a result of the ban.”
“Lifting this ban without a response from fiscal policy, not by increasing tariff on these items, but by deploying non-tariff measures such as levies, may expose the local manufacturers of these products to undue competition from foreign producers whose governments provide various production subsidies,” the statement added.
The naira on Monday exchanged for around N1,200 for a dollar in the official market.
The currency was pushed to its latest record after the apex bank lifted the restriction on the 43 items prohibited from accessing foreign exchange (FX) from the official foreign exchange windows.
The book also examines Nigeria's legal ecosystem, focusing on the LPELR and NBA AI Guidelines. As a bonus, every purchase comes with a FREE eBook titled: How to Use the AI Features in LegalPedia and LawPavilion.
Ohio Books Ltd praises the publication, stating:
"....this is the only Nigerian book I know of on the topic."
How to Order:
📞 Call, Text, or WhatsApp: 08034917063 | 07055285878
📧 Email: benadigwe1@gmail.com
🌎 Website: www.benadigwe.com
Ebook Version: Access it directly online at https://selar.com/prv626
Authored by Ben Ijeoma Adigwe Esq., ACIarb (UK), LL.M, Dip. in Artificial Intelligence, Director at the Delta State Ministry of Justice, Asaba, Nigeria.
_______________________________________________________________________
“Enhance Legal Practice With Authoritative Reports” — Alexander Payne Offers Comprehensive Law Reports, Spanning Over A Century Of Nigerian Jurisprudence
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
