
Report have emerged that the Central Bank of Nigeria (CBN) has remained silent following allegations that its Governor, Olayemi Cardoso, and four deputy governors acquired six ultra-modern armored vehicles worth N10 billion.

The report, which surfaced on August 30, 2024, claims that Cardoso purchased two Lexus LX 600 2023 models for himself, while deputies Philip Ikeazor, Emem Nnan Usoro, Bala Bello, and Muhammad Sani Abdullahi each received one.
Despite the huge financial strain faced by Nigerians, the procurement of these vehicles has raised eyebrows, especially since the governors already have SUVs as part of their convoy. Additionally, there are allegations that the housing allowances for these officials have been increased to over N1 billion.
Two days after the initial report, CBN's spokesperson, Sidi Hakama, has neither confirmed nor denied the claims. Furthermore, the CBN has not addressed the issue on its official X handle or website, leaving the public in suspense.
This controversy comes nearly a year after Cardoso's appointment by President Bola Ahmed Tinubu on September 15, 2023. Since his appointment, the Monetary Policy Committee under Cardoso's leadership has implemented tighter measures, including raising the interest rate to 26.75 percent in July 2024.
Although the country's inflation rate decreased to 33.40 percent in July 2024 from 34.19 percent in June 2023, the prices of goods remain high, with the Naira to Dollar exchange rate standing at N1598.56 and N1645 in official and parallel markets, respectively.
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