President Bola Tinubu has nominated Dr. Olayemi Michael Cardoso to assume the role of Governor for the Central Bank of Nigeria (CBN). See excerpts of the press release.
This five-year appointment is subject to the endorsement of the Nigerian Senate, in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007.
The act, which serves as the guiding framework for the nation’s central banking system, grants the President of the Federal Republic of Nigeria the legal mandate to nominate the Governor as well as four Deputy Governors of the Central Bank of Nigeria. These appointments, once confirmed, are for an initial term of five years.