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UBA Chairman, Tony Elumelu hopeful that the new CBN leadership will restore naira confidence.

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The chairman of United Bank for Africa Plc and the biggest shareholder of Transnational Corp. of Nigeria Plc, the nation’s largest conglomerate, Tony Elumelu, expressed confidence that the new leadership at the Central Bank of Nigeria (CBN) will help restore faith in the nation’s currency.

Olayemi Michael Cardoso recently assumed duties as the acting governor of the CBN, pending Senate confirmation.

The CBN, in a statement, also confirmed the resignation of the erstwhile governor of the regulatory bank, Godwin Emefiele, and his four deputies.

However, despite this change in leadership, the naira has weakened, reaching N995 to the greenback in the unofficial market.

READ ALSO: Nigeria’s naira continues to slide and reaches a record low of N995 to the dollar

Elumelu emphasized that the accumulation of dollars by Nigerians reflects a lack of confidence and uncertainty about the currency’s future stability.

He believes that the new central bank team is capable of instilling confidence in the market.

Elumelu also highlighted the importance of leadership in attracting private global capital to Nigeria, especially in key sectors like electricity generation, hospitality, and oil exploration.

Shares of his companies have seen significant growth this year, with Transcorp doubling and United Bank advancing by about 40 percent.

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