THE presidency has refuted a media report that President Bola Tinubu has asked the Central Bank of Nigeria (CBN), Olayemi Cardoso, to tender his resignation for failure to rescue the falling naira.

The special adviser on information and strategy to the President, Bayo Onanuga, debunked the report in a post on his X handle on Tuesday, September 17.

“It’s all lies. President Tinubu has not asked Yemi Cardoso to resign,” Onanuga said.

Tinubu had asked Cardoso to resign over his inability to stop the poor performance of the economy, most especially, the free fall of the naira, the report claimed.

The naira had been falling against the dollar since over one year Tinubu assumed office.

It had depreciated from about N461 in June 2023, peaked at N1,900 at the beginning of this year, and currently hovers at N1600 to a dollar.

The continued depreciation of the naira against other currencies, especially the dollar, has been hampering Nigeria’s macroeconomics, resulting in higher costs of goods and services as the country is import-dependent.

Further, the online news platform claimed Tinubu gave Cardoso the order to resign before his recent visit to China.

It also claimed that upon seeing the seriousness of the President, Cardoso brought in Yoruba elders and chieftain of the ruling All Progressives Congress (APC) to beg, but President Tinubu refused to accept his plea.

The ICIR reported that Tinubu returned from China on Sunday, September 15, after spending 17 days out of office.

Cardoso took over the helm of affairs at the apex bank after he took over from Folashodun Shonubi, who headed CBN for about three months in an acting capacity, following the suspension and subsequent resignation of the embattled former CBN Governor, Godwin Emefiele.

Cardoso was nominated by Tinubu on September 15, 2023, assumed office on September 22 with four deputy governors, and was confirmed by the National Assembly on September 26, the National Assembly.

Cardoso is an Economic and Development Policy Advisor, Financial Sector Leader, former Chairman of Citi Nigeria and former Commissioner for Economic Planning and Budget in Lagos State.