Cardoso Trends on Twitter as Naira Gains 7.2% Against Dollar

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has become the center of attention on Nigerian Twitter, now X, following the sustained appreciation of the naira against the United States dollar.

The local currency experienced a significant leap in value, exchanging for ₦1,142.38 to the dollar on Friday, April 12, 2024, which represents a 7.16% gain compared to its previous trading value.

This development has sparked discussions and reactions among Nigerians, with ‘Cardoso’ trending as the number one item on the Nigerian trend table.

Many citizens have taken to Twitter to express their opinions on the matter, with some showering Cardoso with praises for the resurgence of the naira, while others are questioning why the effect of the appreciation is yet to be felt in the prices of goods.

Cardoso’s actions to stabilize the currency have been well-received by some, with one user stating, “Dr. Yemi Cardoso is a national asset that must be guarded jealously.

He’s whoever he thinks he is. Man is leading the monetary team in the right direction. May he never be exhausted #Naira #cardoso.”

This appreciation marks a continuation of the resurgence of the local currency against the greenback, which had previously plummeted to an all-time low early in the year, exchanging for ₦1,900.

The decline was attributed to the decision of the apex bank to unify the foreign exchange market to curtail arbitrage in the system.

The CBN has since turned the corner after Cardoso introduced a potpourri of measures that have helped to stabilize the currency.

However, there are still concerns about the impact of the appreciation on the prices of goods, with one user tweeting, “If 1 USD now is currently 1,070, my question is — Why are there no ripple effects on the price of items at the market? Why is fuel still selling between 680-720?”

As Nigerians continue to monitor the situation closely, it remains to be seen how the appreciation of the naira will impact the economy in the long run.