Nigeria’s President, Bola Tinubu has announced the nomination of Mr Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN).
In a statement from the presidential spokesman Ajuri Ngelale, Cardoso will serve for an initial term of 5 years.
“President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate,” the Friday statement added.
Aside from the Lagos-born Cardoso, Tinubu appointed four deputy governors for the apex bank.
Ajuri said the move is 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 Four (4) Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria”.
Ajuri said the directive is in line with the President’s Renewed Hope agenda with the Nigerian leader expecting them to “successfully implement critical reforms at the Central Bank of Nigeria”.