Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, 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.
A statement by the bank’s Director Corporate Communications Dr Isa Abdulmumin noted that it was a follow-up to resignation of Mr. Godwin Emefiele as Governor of the CBN.
The statement further added that the Deputy-Governors-Designate also assumed duty same day 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.
Dr. Cardoso and his colleagues the statement disclosed subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja and have since settled down to the task of administering monetary and financial sector policies of the Federal Government.
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 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.
The Deputy Governors nominated include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor and Dr. Bala M. Bello.
Photo credit: BusinessDay
SEPTEMBER MPC POSTPHONED
The CBN’s statutory Monetary Policy Committee meeting slated for September 25 and 26, 2023 has been put on hold perhaps due to the prevailing circumstances. No reason was given for the postponement but just as the former management is out, Permanent Secretary Federal Ministry of Finance Aliyu Ahmed who is a member of the board, representing the ministry is due for retirement as he clocks the mandatory age of 60; his replacement is yet to be announced.
THE NEXT PHASE
The Nigerian senate is expected to resume plenary Tuesday September 26, 2023 after a two months annual recess. It is expected that the appointment of the CBN board be communicated to the senate for screening and only after screening and confirmation will the Governor take full charge of the bank and Deputy Governors assigned portfolios.
Gaps in the Central Bank has seen its core mandate of price stability being put to test as exchange rate in the parallel market continue to rise with the dollar hitting the N1,000 mark. There’s a mounting backlog of dollar denominated payments to be cleared by the CBN amid weak dollar returns; the Nigerian Stock market has slumped for the second week in a row with inflation reaching 25.8% in August, the highest level in almost two decades.
Good production costs money and you can support what we do. Please find our details below👇🏾👇🏾👇🏾 Account name: MARKET ONLINE MEDIA Bank: UBA Acc No: 1026401930.
