Cardoso assumes office as CBN Governor amid foreign exchange crisis

The new Central Bank of Nigeria Governor, Olayemi Cardoso, formally assumed duty on Friday amid a foreign exchange crisis.
According to a statement by Isa AbdulMumin, CBN’s Director of Corporate Communications, Cardoso’s resumption is pending his confirmation by the Senate.
He also announced that all the deputy governors- designate have also assumed duty in acting capacities.
This follows the formal resignation of erstwhile CBN Governor, Godwin Emefiele and all the deputy governors namely; Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Adamu and Kingsley Obiora.
Cardoso and his colleagues took the relevant oaths of office at a brief ceremony held at the bank’s head office in Abuja”.
He said that they had since settled down to administering the monetary and financial sector policies of the Federal Government.
newstap.com.ng recalls that President Bola Tinubu nominated Cardoso as CBN governor on September 15.
He also nominated Emem Usoro, Abdullahi Dattijo, Philip Ikeazor and Bala Bello as deputy governors.
Tinubu suspended Emefiele in June and ordered a probe into the activities of the apex bank.
The central bank pursued unorthodox policies under Emefiele who kept the currency artificially strong, a policy backed by former President Muhammadu Buhari, which supported government borrowings on the international markets.
Nigeria’s new government wants to encourage investments rather than rely on borrowing to create jobs as it tries to revive an economy struggling with record debt, a weak currency, double-digit inflation and fragile power supplies.
Cardoso was part of the team that had been working on an economic blueprint for the new government. He was a former commissioner for economic planning and budget in Lagos state when Tinubu was governor between 1999-2007.
Meanwhile, the country’s currency continued to depreciate at the forex window, exchanging at almost N1000/$1 at the parallel market on Friday.