Billionaire Elumelu Says New CBN Leadership To Boost Naira

Billionaire entrepreneur and business magnate, Tony Elumelu, has expressed confidence that the recent change in leadership at the Central Bank of Nigeria will play a pivotal role in boosting Naira.

Elumelu said, “The reason people are accumulating dollars is not because they need it now; it is because of a lack of confidence.” He went on to express his optimism in the capabilities of the new central bank team, is “very capable” and “will be able to bring confidence”, he said.

Elumelu, who serves as the chairman of United Bank for Africa Plc and is the largest shareholder of Transnational Corp. of Nigeria Plc, the country’s largest conglomerate, noted that there is a palpable sense of anxiety among Nigerians due to uncertainty regarding the future stability of the Naira.

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Elumelu concluded by stating, “The missing link has been poor leadership, and I believe that we all know there’s so much private global capital seeking the right investment destination.”

Olayemi Michael Cardoso officially assumed his responsibilities as the acting governor of the Central Bank of Nigeria, albeit pending Senate confirmation, last Friday. Nevertheless, despite this change, the Nigerian Naira has continued to experience a decline in value.

According to data compiled by the Forward Marketing Bureau de Change Ltd., the Naira depreciated to N992/$1 in the unofficial market, marking a substantial decrease from its starting rate of N900 Naira at the beginning of the month.