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VIBRANT APPLAUSE FOR THE STRATEGIC APPOINTMENT OF MR. OLAYEMI M. CARDOSO AS GOVERNOR OF THE CENTRAL BANK OF NIGERIA. By Chidi Ekeh

President Bola Ahmed Tinubu Office of the President Presidential Villa Abuja, Nigeria

Dear President Tinubu,

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RE: VIBRANT APPLAUSE FOR THE STRATEGIC APPOINTMENT OF MR. OLAYEMI M. CARDOSO AS GOVERNOR OF THE CENTRAL BANK OF NIGERIA

I hope this letter finds you in the triumphant spirit that your dynamic leadership consistently brings to our nation. Allow me, Mr. President, to extend my wholehearted applause for the astute decision to appoint Mr. Olayemi M. Cardoso as the Governor of the Central Bank of Nigeria. The resonance of his inaugural speech echoes through the economic playing fields, signaling a new era of tactical brilliance and unwavering dedication to steering our economy through its intricate challenges.

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The discerning choice of Mr. Cardoso is a testament to your commitment to placing individuals of unparalleled expertise in pivotal positions. His profound insights into the dynamic game of the global and domestic economic playing fields, eloquently articulated in his recent address, position him not only as a captain steering monetary policy but as a skilled coach strategizing Nigeria’s economic comeback.

As we stand on the verge of transformative economic endeavors under Governor Cardoso’s captaincy, I wish to propose a comprehensive set of recommendations—strategies akin to those employed in the world of sports—that, when implemented, could fortify his efforts and usher in an era of unparalleled economic prosperity for our beloved nation.

Team Spirit in Economic Policies:
Envision a cohesive team approach to economic policies, akin to a sports team rallying for victory. Introduce regular huddles between the Central Bank and relevant government bodies, fostering collaboration, addressing macroeconomic challenges, and collectively strategizing for infrastructure development and social stability.

Benefit: This team approach ensures that both monetary and fiscal policies synchronize their efforts, creating a powerhouse that propels Nigeria towards economic glory.

Goalkeeper Mentality for Exchange Market Stability:
Appoint a reliable goalkeeper, symbolizing the meticulous crafting and implementation of foreign exchange guidelines and legislation. Ensure the goalkeeper, represented by engaged stakeholders including banks and FX market operators, guards the goalpost of a fair and transparent market environment.

Benefit: A stabilized foreign exchange market acts as the goalkeeper against economic uncertainties, bolstering investor confidence and ensuring the defense of the nation’s economic goal.

Sports Metrics for Human Flourishing:
Adopt a scoreboard of frameworks for measuring the human condition, complementing traditional macroeconomic indicators. Keep track of citizens’ well-being by monitoring access to basic necessities such as food, shelter, healthcare, education, and gainful employment.

Benefit: Prioritizing the human experience in this sports-like approach ensures that Nigeria scores not just economically but also in improving the lives of its people.

Strategic Playbook for Monetary Transmission:
Develop a strategic playbook for the Central Bank, ensuring that decisions made during Monetary Policy Committee (MPC) meetings align with the game plan. Periodically review the efficacy of monetary policy tools, refining the playbook to produce winning strategies for economic growth.

Benefit: A well-executed playbook ensures that the Central Bank plays the economic game with precision, providing a winning strategy for the nation’s financial system.

Restoring Fan Trust in the Economic Arena:
Engage in a fan-centric strategy to restore trust in the Central Bank. Address institutional deficiencies, reinforce corporate governance, and fortify regulatory frameworks to ensure that the Central Bank becomes the crowd-pleasing star of the economic arena, focusing solely on its core mandate of ensuring price stability.

Benefit: A fan-favorite Central Bank becomes the star player in economic stability, earning cheers from the stands as it orchestrates policies that resonate with the aspirations of the nation.

Allow me, President Tinubu, to conclude this missive by expressing my unwavering confidence in your leadership. Your commitment to transparency, responsibility, and unwavering progress will undoubtedly lead Nigeria to score victory after victory on the economic playing fields.

Thank you for your indomitable leadership, and I eagerly anticipate witnessing the triumphant moments that the collaboration between your administration and the Central Bank of Nigeria will undoubtedly produce.

Yours sincerely,

Chidi Ekeh

Hon. Chidi Ekeh is a member of Editorial board of Ebony Herald International Magazine and a political commentator writes from Abuja

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