Cardoso takes charge as CBN Governor following Emefiele's resignation

Dr. Olayemi Cardoso has officially assumed the role of acting Governor of the Central Bank of Nigeria (CBN), stepping into the shoes left vacant by the resignation of Mr. Godwin Emefiele. This significant development was confirmed in an official statement by Dr. Isa AbdulMumin, the Director of Corporate Communications at the CBN.

President Bola Ahmed Tinubu’s recent nomination of Dr. Cardoso for this crucial position garnered swift approval, leading to his formal inauguration on Friday, September 22, 2023. However, his confirmation hinges on the Senate, which is currently in its annual recess.

In addition to Dr. Cardoso’s appointment, the statement also highlighted the transition of the deputy governors. As a result of the resignation of the previous deputy governors, Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Adamu, and Dr. Kingsley Obiora, the new deputy governors-designate have taken on their responsibilities. The newly appointed deputies include Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello.

The induction ceremony for Dr. Cardoso and his colleagues took place at the CBN’s Head Office in Abuja on the same day as his assumption of office. They pledged their commitment to the duties of administering monetary and financial sector policies of the Federal Government.

The Senate, currently in recess, has expressed its intent to conduct the necessary confirmation proceedings for the new CBN leadership upon its return. Meanwhile, the Central Bank has postponed its 293rd Monetary Policy Committee meeting, originally scheduled for September 25 and 26, 2023. This decision is likely a reflection of the transition and the need for stability in the apex bank’s leadership during this critical period.