SENATE CONFIRMS DR. OLAYEMI CARDOSO AS CBN GOVERNOR AND FOUR DEPUTIES

Date:

In a session held on September 27, 2023, the Nigerian Senate officially confirmed Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria. Additionally, Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala Bello were approved as deputy governors of the bank.

This decision followed a motion presented by Senate Leader, Sen. Opeyemi Bamidele (APC-Ekiti Central). Prior to the confirmation, Senate procedures were temporarily suspended to facilitate the entrance of the nominees into the chamber, led by Sen. Abdullahi Gumel, the Senior Special Assistant to the President on National Assembly Matters (Senate).

Subsequently, Dr. Cardoso and his deputy governors shared insights into their extensive professional backgrounds. Dr. Cardoso, who had chaired Citi Bank for 12 years, emphasised the importance of a stable exchange rate and advocated for transparent and comprehensible financial rules.

He pointed out the need for robust data infrastructure at the central bank for evidence-based monetary policy and inflation management. The new CBN leadership is determined to address issues related to deficit financing and ensure a more transparent and reliable financial system.

The confirmation process was prompted by the emergency resignation of the former CBN Governor, Mr. Godwin Emefiele, as noted by Senate President Sen. Godswill Akpabio (APC-Akwa Ibom North-West). He urged the Senate Committees on Finance and Banking, Insurance, and other Financial Institutions to maintain vigilant oversight of the CBN.

 

 

 

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