Senate Greenlights Cardoso: The New Helm of Central Bank
In a significant development yesterday, the Senate gave its nod to the appointment of Dr. Olayemi Cardoso as the Central Bank of Nigeria’s (CBN) Governor. Alongside Cardoso, four deputy governor nominees – Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala Bello – also secured confirmation. The proceedings were fast-tracked as Senate Leader, Sen. Opeyemi Bamidele of APC-Ekiti Central, motioned for their approval.
Sen. Abdullahi Gumel, Senior Special Assistant to the President on National Assembly Matters (Senate), ushered the nominees into the Senate chamber, marking a significant step in the process.
Taking center stage, Cardoso and the appointed deputies delineated their professional journey and vision. Cardoso, drawing from his 12-year tenure as the chairman of Citi Bank (2010-2022), expressed his commitment to bolstering the financial framework and operations of the institution. He also spotlighted the critical concern surrounding the exchange rate fluctuations of Naira and emphasized the imperative of a stable exchange rate. Cardoso assured that the CBN’s revamped management would pivot towards transparency, making the financial system understandable and reliable for all stakeholders.
Addressing the soaring inflation and rising goods costs, Cardoso stressed the significance of an evidence-based monetary policy. He highlighted the need to overhaul CBN’s infrastructure concerning data acquisition and usage, which he considers vital for determining inflation metrics. The new governor acknowledged that the past decade saw at least half of the inflation propelled by money supply and deficit financing, underlining the urgency to tackle this issue head-on.
The Senate session witnessed Sen. Godswill Akpabio, President of the Senate from APC-Akwa Ibom North-West, recalling the reason for the swift confirmation process – the unforeseen resignation of the former CBN Governor, Mr. Godwin Emefiele. Sen. Akpabio urged the Senate Committees entrusted with overseeing the financial sectors to diligently monitor the CBN’s activities.
The swift confirmations underscore the Senate’s commitment to ensuring that the nation’s apex bank remains steadfast in its operations and oversight of the country’s financial landscape.
In a significant development yesterday, the Senate gave its nod to the appointment of Dr. Olayemi Cardoso as the Central Bank of Nigeria’s (CBN) Governor. Alongside Cardoso, four deputy governor nominees – Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala Bello – also secured confirmation. The proceedings were fast-tracked as Senate Leader, Sen. Opeyemi Bamidele of APC-Ekiti Central, motioned for their approval.
Sen. Abdullahi Gumel, Senior Special Assistant to the President on National Assembly Matters (Senate), ushered the nominees into the Senate chamber, marking a significant step in the process.
Taking center stage, Cardoso and the appointed deputies delineated their professional journey and vision. Cardoso, drawing from his 12-year tenure as the chairman of Citi Bank (2010-2022), expressed his commitment to bolstering the financial framework and operations of the institution. He also spotlighted the critical concern surrounding the exchange rate fluctuations of Naira and emphasized the imperative of a stable exchange rate. Cardoso assured that the CBN’s revamped management would pivot towards transparency, making the financial system understandable and reliable for all stakeholders.
Addressing the soaring inflation and rising goods costs, Cardoso stressed the significance of an evidence-based monetary policy. He highlighted the need to overhaul CBN’s infrastructure concerning data acquisition and usage, which he considers vital for determining inflation metrics. The new governor acknowledged that the past decade saw at least half of the inflation propelled by money supply and deficit financing, underlining the urgency to tackle this issue head-on.
The Senate session witnessed Sen. Godswill Akpabio, President of the Senate from APC-Akwa Ibom North-West, recalling the reason for the swift confirmation process – the unforeseen resignation of the former CBN Governor, Mr. Godwin Emefiele. Sen. Akpabio urged the Senate Committees entrusted with overseeing the financial sectors to diligently monitor the CBN’s activities.
The swift confirmations underscore the Senate’s commitment to ensuring that the nation’s apex bank remains steadfast in its operations and oversight of the country’s financial landscape.
