President Bola Tinubu has officially nominated Dr. Olayemi Cardoso as the new Central Bank of Nigeria (CBN) governor. The nomination is for a five-year term, subject to Senate confirmation.
The Presidentโs Special Adviser on Media and Publicity, Ajuri Ngelale, released a statement confirming the nomination. The announcement aligns with Section 8 (1) of the Central Bank of Nigeria Act, 2007. This section grants the President the authority to appoint the CBN Governor and Deputy Governors, pending Senate approval.
In addition to Cardoso, Tinubu has nominated four new Deputy Governors for the CBN. These are Mrs Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello. Their terms are also for five years, pending Senate confirmation.
Before Cardosoโs nomination, Folashodun Adebisi Shonubi served as the acting CBN Governor. Shonubi took over the role following the suspension of the previous CBN Governor, Godwin Emefiele.
The suspension was part of an ongoing investigation and planned financial sector reform. Shonubi had been serving as the Deputy (Operations Directorate) under Emefiele.
Editorial
The nomination of Dr. Olayemi Cardoso as the new CBN Governor by President Bola Tinubu is a pivotal moment for Nigeriaโs financial sector. It comes when the country grapples with economic challenges, including soaring inflation and currency devaluation.
The appointment of four Deputy Governors alongside Cardoso is also noteworthy. It suggests a comprehensive approach to leadership at the CBN, crucial for effective governance and policy implementation.
However, the Senateโs role in confirming these appointments should not be a formality. Rigorous scrutiny is essential to ensure that the nominees are fit for their respective roles, both in expertise and ethical standing.
Did You Know?
- The Central Bank of Nigeria was established on July 1, 1959, as the countryโs apex financial institution.
- Dr. Olayemi Cardoso, the newly nominated CBN Governor, has a background in economics and finance.
- The CBN has 37 branches, one in each of Nigeriaโs 36 states and the Federal Capital Territory.
- The Deputy Governors of the CBN play a crucial role in formulating and implementing monetary policy.
- The CBN is responsible for maintaining financial stability in Nigeria, which includes controlling inflation and stabilising the currency.
