Cardoso Takes Oath, Assumes Office as Acting CBN Governor

*Apex bank says Emefiele and 4 deputy governors have resigned

*At N995/$1, Naira gains at parallel market, slightly declines at I & E window 

James Emejo in Abuja and Nume Ekeghe in Lagos

The nominated Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, yesterday took the oath of office at a brief ceremony held at the bank’s headquarters in Abuja and subsequently formally assumed duty as the apex bank’s new boss in acting capacity, pending approval of the Senate.
In a press statement after the oath-taking, the apex bank confirmed the resignation of suspended governor Godwin Emefiele and the four deputy governors that worked with him.

In a related development, the Naira yesterday exchanged at N990/$1 in the parallel market, gaining N5 from N995/$1 it exchanged on Thursday. While the official I&E window closed at N747/$1 compared to N738/$1 it closed on Thursday.
On the same day at the CBN headquarters, the four newly nominated deputy governors – Emem Nnana Usoro, Muhammad Dattijo, Philip Ikeazor and Dr. Bala Bello – also took oaths of office and assumed duties in acting capacity pending approval of the Senate.
Cardoso was last week nominated by President Bola Tinubu to take over from Mr. Godwin Emefiele who recently resigned his appointment.
According to a statement issued yesterday by CBN’s Director, Corporate Communications, Dr. Isa AbdulMumin, “Cardoso will steer the affairs of the CBN in an acting capacity, pending his confirmation by the Senate.”
The statement said Cardoso and his deputies have since settled down to the task of administering monetary and financial sector policies of the federal government.

He was said to have spent most of yesterday receiving briefings from the bank’s heads of departments.
Emefiele, who is still in detention, after his suspension as CBN Governor since June 9, 2023, resigned last week to pave the way for a new CBN governor.
Similarly, the four deputy governors working with Emefiele – Folashodun Shonubi, Aishah Ahmad, Edward Lametek Adamu and Dr. Kingsley Obiora – also resigned, to allow for the nomination of the new four deputy governors.
Cardoso was at various times Chairman of CITIBANK and also served as Commissioner for Budget and National Planning when Tinubu was Governor of Lagos State,1999 to 2007.

Cardoso studied managerial and administrative studies at Aston University, where he obtained a Bachelor of Science (B.Sc.) degree. He holds a Master’s degree from the Harvard Kennedy School in public administration.
He is a member of the Cities Alliance’s Africa Think Tank Group, a group created to solve urban development challenges.
Cardoso has served as a board member of MRS Oil and was the chairman of the board of EFinA. He is a member of the advisory board of Lagos Business School and chairman of the board of African Venture Philanthropy Alliance.
The new CBN governor is the founding chairman and co-chair of Ehingbeti Summit, the Lagos State Economic Summit. He is also a former executive lead at Harvard Kennedy School alumni association.

Naira Gains at Parallel Market
Meanwhile, the Naira yesterday exchanged at N990/$1 in the parallel market, gaining N5 from N995/$1 it exchanged on Thursday. While the official I&E window closed at N747/$1 compared to N738/$1 it closed on Thursday. However, intraday activities showed that its opening rate was N771.07/$1 before it closed at N747.76/$1.