Senate confirms Olayemi Cardoso as new governor of Nigeria's Central Bank

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Senate confirms Olayemi Cardoso as new governor of Nigeria's Central Bank

The Nigerian Senate, led by Godswill Akpabio, has confirmed Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN) on Wednesday. Alongside Cardoso, four nominees for the positions of CBN Deputy Governors were also confirmed: Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Dr. Bala M. Bello.

Cardoso had resumed as the acting governor of the CBN last week, pending his screening and expected confirmation by the Senate. His confirmation was met with congratulations from former Bayelsa East Senator, Ben Murray-Bruce, who described it as a "monumental era" signaling transformative change for Nigeria.

Cardoso's appointment comes after President Bola Tinubu nominated him to replace Godwin Emefiele, who was suspended about three months prior on September 15, 2023. During Cardoso's screening process, Senate President Akpabio questioned him about maintaining integrity and resisting political influence in his role as CBN Governor, which he implied his predecessor had failed to do.

In response to questions from Senate members during his confirmation process, Cardoso outlined his plans to address the naira's instability in foreign exchange markets. He expressed his intention to prioritize clearing CBN’s backlog of unsettled foreign exchange obligations in the near term.

Former Kaduna Central senator, Shehu Sani, also shared his expectations from the new CBN governor via social media. Sani urged Cardoso to rescue the naira and reset the country's monetary policy while avoiding political rice farmers and forex sponges.

The new leadership team at the apex bank is expected to steer its affairs for the next five years.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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