The Nigerian Senate has approved the nomination of Olayemi Cardoso as the new Central Bank of Nigeria (CBN) governor after hours of screening on Tuesday.
Also approved were the nominations of Muhammad Sani Abdullahi Dattijo, Emem Nnana Usoro, Bala M. Bello and Philip Ikeazor as CBN deputy governors.
President Bola Tinubu had earlier nominated Cardoso to serve in that capacity on September 15.
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The nomination of Cardoso was made in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria the authority to appoint the Governor and Deputy Governors for the CBN.
Cardoso and the four other nominees resumed activities as acting governor and acting deputy governors on Friday. The Senate’s approval means that Tinubu’s nominees move in status from acting capacity to substantive capacity.
During the screening, the new CBN governor claimed that the central bank had strayed from its original path despite admitting that he just got in and knew little about the real challenges being currently faced by the apex bank..
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The major objectives of the CBN has always been to ensure monetary and price stability, issue legal tender currency in Nigeria, maintain external reserves to safeguard the international value of the legal tender currency, promote a sound financial system in Nigeria, and act as Banker and provide economic and financial advice to the Federal Government.
Tinubu’s recent policies led to a unification of the foreign exchange. Unfortunately, the move has also led to the further weakening of the naira.
Nigeria is currently facing a foreign exchange crisis with the naira performing terribly at the FX market. A dollar is worth about a thousand naira presently.
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