In a significant development, the Nigerian Senate has confirmed the appointment of Mr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria. The confirmation was announced during the Senate’s plenary session on Tuesday.
In addition to the confirmation of Mr. Cardoso, the Senate also approved the nominations of four deputy governors for the apex bank. The newly confirmed deputy governors are Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.
The announcement was made by Senate President Godswill Akpabio, who revealed that the confirmation followed the approval of a motion presented by Senate Leader Opeyemi Bamidele. To facilitate the admission of the nominees into the chamber, the Senate suspended its orders temporarily.
Leading the nominees into the chamber was Abdullahi Gumel, the Senior Special Assistant to the President on National Assembly Matters (Senate).
Following their admission, the newly appointed CBN governor and deputy governors had the opportunity to present their career profiles and professional experiences to the Senate.
Mr. Cardoso, the newly confirmed CBN Governor, highlighted his extensive experience, particularly his 12-year tenure as the chairman of Citi Bank from 2010 to 2022. During his time at Citi Bank, he dedicated himself to enhancing both financial and non-financial operations.
In addressing pressing economic concerns, Mr. Cardoso emphasized the importance of a stable exchange rate for the Nigerian naira and the need for short and medium-term measures to achieve this stability. He also pledged to introduce open, transparent, and comprehensible rules for all players in the finance industry.
Regarding inflation and the cost of goods, Mr. Cardoso pledged to adopt evidence-based monetary policies and enhance the central bank’s data infrastructure. He stressed the importance of reliable data in measuring inflation and proposed measures to address issues related to money supply and deficit financing.
Mr. Cardoso also assured that the CBN under his leadership would work towards resolving the issue of deficit financing in the nation.
Senate President Godswill Akpabio emphasized the urgency of the confirmation process, noting that it was expedited due to the emergency resignation of the former CBN Governor, Godwin Emefiele. He called upon the Senate Committees on Finance and Banking, Insurance, and other Financial Institutions to conduct thorough oversight of the CBN regularly.
This confirmation marks a significant development in Nigeria’s financial sector, as Mr. Olayemi Cardoso and the deputy governors prepare to take on their roles in guiding the nation’s monetary policies and economic stability.
