Breaking: Yemi Cardoso Assumes Duty as Acting CBN Governor, He Flaunts Impressive CV

• Olayemi Michael Cardoso has assumed his role as acting Governor of the Central Bank of Nigeria (CBN)
• The appointment follows the resignation of Godwin Emefiele and other CBN deputy governors, which include Folashodun Shonubi.
• Cardoso and his new colleagues would officially start their responsibilities today, overseeing monetary and financial sector policies

Olayemi Cardoso has officially taken on the responsibilities of the Governor of the Central Bank of Nigeria (CBN) in an acting capacity.

The recently nominated CBN governor starts work today, Friday, September 22, 2023, following the resignation of Godwin Emefiele as Governor of the CBN earlier this week.

His appointment was announced in a press release signed by Isa Abdulmumin, CBN’s communications director.

Similarly, the Deputy-Governors-Designate have also assumed duty in acting capacities due to the formal resignation of Mr Folashodun Shonubi, Mrs Aishah Ahmad, Mr Edward Lametek Adamu, and Dr Kingsley Obiora as Deputy Governors of the CBN.

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In a brief ceremony at the apex bank's head office, Cardoso and his colleagues subscribed to the relevant oaths of office.

They have since started their responsibilities of administering monetary and financial sector policies of the Federal Government.

Cardoso comes with an impressive CV

Cardoso brings over three decades of managerial experience to his role. He has worked as an Economic and Development Policy Advisor and Financial Sector Leader and served as the former Chairman of Citi Nigeria.

Additionally, he has experience as the Commissioner for Economic Planning and Budget in Lagos.

Cardoso is an alumnus of Aston University in Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master's degree in Public Administration from the Harvard Kennedy School in the United States of America.

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Expert speaks

Speaking with Legit.ng on the new appointment, Muda Yusuf, the CEO of Centre for the Promotion of Private Enterprise, said:

“There is nothing wrong with Cardoso assuming office in an acting capacity, just as we see in other institutions; leaders act before they are confirmed.

However, he stressed that there is still much work ahead but raised hopes that the new CBN management team will live up to expectations.

"I am preparing an agenda for the new CBN governor, it will be released soon and I will send to you":

CBN announces dollar to naira price verification portal

Meanwhile, in another report, it was revealed that the Central Bank of Nigeria has introduced a new portal that would put an end to malpractices in the foreign exchange market.

The portal went live at the end of August 2023.

The analyst who spoke to Legit.ng explained that the portal could be a game-changer if done correctly.

Source: Legit.ng