Dr. Olayemi Michael Cardoso has been appointed by President Bola Tinubu as the next governor of the Central Bank of Nigeria (CBN). Assuming the Nigerian Senate confirms him, Cardoso will begin a five-year tenure. In a statement issued on Friday, Ajuri Ngelale, the president’s special adviser on media and publicity, made this declaration.

According to Section 8 (1) of the Central Bank of Nigeria Act 2007, which gives the Nigerian President the power to name the CBN governor and four deputy governors, subject to Senate approval, the appointment is in line with that provision.

The appointment of four new deputy governors for the top bank, each for an initial term of five years, is also supported by President Tinubu, subject to Senate approval. Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello are among the nominees.

This action underscores President Tinubu’s Renewed Hope strategy, with the hope that these new hires would carry out significant CBN changes. According to Ngelale, these changes are intended to increase the trust of both Nigerians and foreign partners in the restructuring of the Nigerian economy, promoting sustainable growth and prosperity for everyone.

Following Godwin Emefiele’s suspension by President Tinubu in June, Folashodun Shonubi functioned as the interim governor of the CBN until Cardoso’s appointment.