Nigeria’s Senate has confirmed the appointment of Dr. Olayemi Cardoso as the new Central Bank of Nigeria (CBN) Governor. Cardoso was screened alongside four CBN Deputy Governor nominees – Mrs. Emem Usoro, Muhammad Dattijo, Philip Ikeazor and Bala Bello.

Cardoso had assumed duties as acting CBN Governor last week pending Senate confirmation. With his screening completed, he will now formally take over the helm of the apex bank for the next five years.

The confirmed deputy governors will also join Cardoso to form the new CBN leadership team. Their appointment comes as the bank tackles policy challenges including exchange rate management, inflation and monetary stability.

Meanwhile, the Senate has scheduled the screening of two new ministerial nominees, Dr. Jamila Ibrahim (Youths Minister) and Ayodele Olawande (Minister of State for Youths), for October 3rd. President Bola Tinubu appointed them while parliament was on recess.

Responding to a series of questions asked by members of the Senate during the screening of the CBN governor and deputy governor nominees, he said, first of all, the CBN will have to clear the foreign exchange (FX) backlog irrespective of the amount.

If confirmed, he said the team will employ operational and system-related measures to address the foreign exchange issues.

With Cardoso confirmed after Senate questioning, he can fully exercise powers as CBN Governor. His financial services expertise and tenure as deputy governor is expected to bring stability in steering Nigeria’s strategic economic institution.

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