Nigerian President Bola Tinubu has nominated Dr. Olayemi Cardoso as the new governor of the Central Bank of Nigeria (CBN).
Cardoso, a former managing director of Citibank Nigeria, has been nominated for a term of five years, pending his confirmation by the Senate.
Tinubu also nominated four new deputy governors for the CBN: Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.
The nominations come after the suspension of the previous CBN governor, Godwin Emefiele, in June. Emefiele was suspended amid an investigation into his involvement in the political process.
Cardoso is a graduate of the University of Ibadan and the London Business School. He has over 20 years of experience in the financial sector, and has held senior positions at Citibank, Standard Chartered Bank, and First Bank of Nigeria.
He is seen as a technocrat with a strong track record in financial management. His appointment is expected to bring stability to the CBN and help to boost the Nigerian economy.
The nominations are now being sent to the Senate for confirmation. The Senate is expected to hold a hearing on the nominations in the coming weeks.
Background
The CBN is the central bank of Nigeria and is responsible for monetary policy, financial stability, and the payment system. It is also responsible for issuing currency and regulating the banking sector.
The CBN is a critical institution in the Nigerian economy and its governor is a powerful figure. The governor is responsible for setting interest rates, managing the country’s foreign exchange reserves, and supervising the banking sector.
The appointment of the CBN governor is a sensitive matter and is often seen as a political appointment. The current president, Bola Tinubu, has made it clear that he wants to appoint a technocrat to the position.
Cardoso’s nomination is seen as a positive development by many Nigerians. He is seen as a capable and experienced technocrat who can help to stabilize the economy and boost growth.
The Senate is expected to confirm Cardoso’s nomination in the coming weeks. Once confirmed, he will take over as the CBN governor and will be responsible for steering the Nigerian economy through the challenges ahead.
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