The Central Bank of Nigeria has announced that Dr. Olayemi Michael Cardoso is now serving as the Acting Governor.
President Bola Tinubu has put forward the nomination of Dr. Olayemi Michael Cardoso as the Governor of the Central Bank of Nigeria (CBN).
This five-year appointment depends on the approval of the Nigerian Senate, as stated in the Central Bank of Nigeria Act, 2007.
The Central Bank of Nigeria Act is the guiding framework for the nation's central banking system. It grants the President the authority to nominate the Governor and four Deputy Governors, with confirmed appointments lasting for an initial term of five years.
Here’s an excerpt from the statement:
“Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate.
This follows the resignation of Mr Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN), Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, the 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.
Dr Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja, on Friday, September 2023, and have since settled down to the task of administering monetary and financial sector policies of the Federal Government.”