Nigeria Economy

President Tinubu Appoints Cardoso As Cbn Governor Unveils Deputies 1

President Tinubu Appoints Cardoso as CBN Governor, Unveils Deputies

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 President’s 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 Cardoso’s 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 Nigeria’s 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 Senate’s 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 country’s 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 Nigeria’s 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.

Author

  • Zainab Sulaimon

    Zainab Abisola Sulaimon is a news content writer who loves fashion design, reading, chatting, and dancing. In addition, she's devoted to her three-year-old Samoyed dog Zoey. She has always been fascinated with the art of writing, and she enjoys anything related to fashion, design, and reading. Zainab spends most of her free time browsing different blogs on these topics (sometimes even at work). She also can't resist chatting with friends online or in person about everything that makes life worth living - from food to family events! Dancing is another excellent exercise for Zainab that keeps her fit while having fun!

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