Cardoso CBN Silence on Alleged N10bn Bulletproof Car Purchase

Allegations arise as Cardoso claims the Central Bank of Nigeria’s silence over the supposed N10bn expenditure on bulletproof cars. Discover the details and implications.

Two days have passed since a report stating that the Governor of Nigeria’s Central Bank, Olayemi Cardoso, and four deputy Governors purchased six high-tech armored vehicles valued at N10 billion was released. Despite Nigerians facing difficulties, there has been no public response from the bank concerning this matter.

On August 30, 2024, the Daily Nigerian reported that six armoured Lexus LX 600s from the year of manufacture in question were procured by Cardoso as well as deputy governors Mr. Philip Ikeazor, Emem Nnan Usoro, Bala Bello and Muhammad Sani Abdullahi.

According to the report, Cardoso received two while each of the four deputies got one.

According to the publication, despite already having SUVs as part of their convoy, the governors have decided to go through with the procurement.

READ ALSO: CBN aims to achieve a 21.4% inflation rate by 2024- Cardoso

Likewise, it was claimed that the governors had increased their housing allowances to exceed N1 billion.

Despite the report being two days old, there has been no confirmation or denial from CBN’s Spokesperson, Sidi Hakama.

As of Sunday, OBASANJONEWS found that CBN has not made any statement about this issue through its official X handle or website.

The progress occurred approximately twelve months following the appointment of Cardoso by President Bola Ahmed Tinubu on September 15, 2023.

According to OBASANJONEWS, the Monetary Policy Committee has been implementing stricter measures since Cardoso’s appointment.

In July 2024, there was a raise in the interest rate to 26.75 percent which is the most recent update.

The country’s inflation rate decreased to 33.40 in July 2024, down from 34.19 recorded in June of the previous year.

Although inflation has decreased, the costs of products have continued to be noticeably elevated due to the official and parallel foreign exchange markets showing Naira-Dollar exchange rates of N1598.56 and N1645 respectively on Friday.