Presidency Explains Tinubu’s CBN Economic Team Appointment

President Bola Tinubu has explained the reason behind the appointment of a new management team for the Central Bank of Nigeria (CBN) on September 15th, with the goal of revitalizing the CBN and addressing critical economic challenges, as explained by the presidency on Wednesday.

Speaking on behalf of the President, Abdullahi Gumel, the Senior Special Assistant to the President on National Assembly Matters (Senate), emphasized the need for change within the CBN.

He stated, “The CBN’s image was badly battered, so this team that has come on board is a rescue team. They have come to rescue the image of the CBN.”

Gumel further elaborated on the urgency of the situation, highlighting that not only Nigerians but also the ECOWAS sub-region and the African Union were watching closely.

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“They are waiting for Nigeria to get back the economy so that everybody will feel secure and happy,” he added.

The new CBN governor, Dr. Olayemi Cardoso, formerly the Lagos State commissioner for economic planning and budget, leads this revitalization effort. He was nominated to replace Godwin Emefiele, who resigned from the position.

Additionally, four deputy governors—Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala M. Bello—were nominated and confirmed by the Senate on Tuesday.

Commending the Senate for their prompt confirmation, Gumel noted that the lawmakers had asked robust questions concerning the economy during the screening process. He emphasized that their inquiries accurately reflected the concerns of Nigerians regarding the CBN.