With Naira Plunging To Record Low, Cardoso Assumes Office As Acting CBN Governor

Olayemi Michael Cardoso who was recently nominated by President Bola  Tinubu as Nigeria’s Central Bank Governor pending approval by the Senate, has assumed office.

This is according to a statement dated September 22 and signed by the Director of Corporate Communications, Isa Abdulmumin.

“This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN),” the statement read. 

Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.

The naira had on Thursday declined further on the parallel market arm of the foreign exchange (FX) market to N995 to a dollar, weaker than the N990 to a dollar it closed the previous day.

On the other hand, on the Investors and Exporters (I&E) FX window, the naira gained N33 naira to close at N738 to a dollar on Thursday, compared to N771 to a dollar the previous day, even as some market analysts attributed the development to a likely intervention by the Central Bank of Nigeria (CBN).

Cardoso and his colleagues agreed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja, on Friday and have settled down to the task of administering monetary and financial sector policies of the Federal Government.

As an Economic and Development Policy Advisor, Financial Sector Leader, former Chairman Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos, Cardoso brings over three decades of managerial experience on board. 

He is also an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. 

He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.

It is to be recalled that Dr. Cardoso and his colleagues were appointed by President Tinubu to their respective positions at the Bank on September 15, 2023, subject to their confirmation by the Senate.

Chioma Kalu

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