In a significant development at the Central Bank of Nigeria, newly appointed Governor Olayemi Cardoso has decided to steer away from some of the financial projects initiated by his predecessor, Godwin Emefiele. Notably, Cardoso’s administration will no longer pursue the N63 billion Centre of Excellence program, the Anchor Borrowers’ Program, eNaira, and the controversial currency redesign policy.

Cardoso has expressed concerns about the Anchor Borrowers’ Program, citing issues of fraud, and has announced the discontinuation of states’ involvement in the program. He believes that many of the unorthodox policies introduced by the CBN under the previous leadership were not serving the public interest.

Under the new management, the Central Bank will shift its focus to its core mandate, which includes ensuring monetary and price stability, promoting a sound financial system, and controlling exchange rates. This change in direction marks a significant shift in the bank’s priorities and strategies.

Credit: Imran Muhammad/X