Olayemi Cardoso Assumes Office as Acting CBN Governor; Godwin Emefiele Resigns

Olayemi Michael Cardoso has assumed the role of acting governor of the Central Bank of Nigeria (CBN) pending his confirmation by the Senate, following the nomination by President Bola Tinubu.

This follows the resignation of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN), earlier this week.

Newsflash Nigeria reports that Cardoso and four Deputy Governors-Designate were sworn in at a ceremony held at the CBN’s head office in Abuja on September 22, 2023.

They are now in charge of implementing monetary and financial sector policies on behalf of the federal government.

Cardoso is an experienced economist and banker, who has served as an Economic and Development Policy Advisor, Financial Sector Leader, former Chairman of Citi Nigeria, and Commissioner for Economic Planning and Budget in Lagos. He holds degrees from Aston University in the United Kingdom and the Harvard Kennedy School in the United States.

The Deputy-Governors-Designate are  Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello. They replaced Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora, who resigned as Deputy Governors of the CBN.

“Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Folashodun Shonubi, Aishah Ahmad, Edward Lametek Adamu, and Kingsley Obiora as Deputy Governors of the CBN,” the press release signed by Isa Abdulmumin, CBN’s communications director read.

The new leadership of the CBN is expected to face various challenges, such as the forex crisis, inflation, exchange rate stability, financial inclusion, and economic recovery.

The CBN is the apex bank of Nigeria, responsible for regulating the banking system, issuing currency, managing foreign reserves, formulating monetary policy, and promoting financial stability.

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