Dr Olayemi Cardoso has assumed duty as the governor of the Central Bank of Nigeria(cbn) in acting capacity. The deputy-governors-designate have also assumed duty in acting capacities following the formal resignation of former deputy governors who were Folashodun Shonubi, Aishah Ahmad, Edward

Lametek Adamu, and Dr. Kingsley Obiora. This is according to the statement released by Isa Adbulmumin, director, corporate communications at the CBN. Their replacements are Emem Nnan Usoro,Philip Ikeazor, Bala Bello and Muhammad Sani Abdullahi as deputy-governors-designate

Following the resignation of the immediate past governor of the CBN, Godwin Emefiele, President Bola Ahmed Tinubu nominated Dr Olayemi Cardoso as his replacement on 15 September, pending confirmation by the Nigerian Senate.

“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.

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“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,” Abdulmumin said.

One of the tasks he will supervise is the 293rd Monetary Policy Committee(MPC) where Dr Cardoso is expected to lead his team to take decisive actions against the worsening interest rate, exchange rate and inflation. The meeting was initially scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively, but was deferred till further notice.

In August 2023, the headline inflation rate in Nigeria soared to 25.80 percent on an annual basis while the food inflation surged to 29.34 percent. The exchange rate of the naira to the dollar hit N980/$ this week. These, among others, are the pressing economic challenges that face the acting CBN governor.