Breaking: Senate Confirms Cardoso As CBN Governor, 4 Deputies

Senate Confirms Cardoso As CBN Governor, 4 Deputies

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Nigeria’s Senate has confirmed the appointment of Dr Olayemi Cardoso as the new Governor of the Central Bank of Nigeria and four others as deputy governors.

The four others confirmed for the position of Deputy Governor at the Central Bank were Mrs Emem Usoro, Mr Muhammad Dattijo, Mr Philip Ikeazor, and Dr Bala M. Bello.

The confirmation came after the screening of the nominees by the Senate on Tuesday afternoon.

President Bola Ahmed Tinubu had, on 15 September 2023 approved the nomination of Cardoso to serve as the new CBN governor alongside the four deputies.

READ ALSO: Cardoso Faces Forex Challenge As Naira Hovers Around N1000/$1

Cardoso had formally assumed office as the acting governor of the CBN on Friday, 22 September pending his confirmation by the upper legislative body. He replaced Mr. Folashodun Adebisi Shonubi, who was appointed in acting capacity following the suspension of Mr Godwin Emefiele in June.

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Speaking during the screening Dr Cardoso stressed the need for the apex bank to refocus on its core mandate as a monetary authority.

He said: “Much has been made of past CBN forays into development financing such that the lines between monetary policy and fiscal intervention have become blurred.

“In refocusing CBN to its core mandate, there is need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.”

The new CBN boss also hinted on the challenge of inflation in the country, said the bank under his leadership would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.”

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An Economic and Development Policy Advisor, Financial Sector Leader, Cardoso is a former Chairman Citi Nigeria.

He has also served as Commissioner for Economic Planning and Budget in Lagos, Cardoso.

He brings over three decades of managerial experience on board.

READ ALSO: Can Yemi Cardoso Save The CBN?

He is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies.

He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.

READ ALSO: Things To Know About New Acting CBN Governor



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