Cardoso steps in as acting Central Bank of Nigeria governor amid forex crisis By Investing.com

The Central Bank of Nigeria (CBN) is undergoing a leadership change as Dr. Olayemi Cardoso has assumed office as the Acting Governor, amidst a foreign exchange crisis. This development was confirmed by Isa AbdulMumin, CBN’s Director of Corporate Communications on Friday.

Cardoso’s appointment comes following the resignation of former CBN Governor Godwin Emefiele. The former governor tendered his resignation while under the custody of the Department of State Security Service. Emefiele’s departure was preceded by his suspension in June, ordered by President Bola Tinubu, who also initiated a probe into the activities of the apex bank.

Alongside Emefiele, all deputy governors of the CBN have also resigned. These include Folashodun Shonubi, Aishah Ahmad, Edward Adamu and Kingsley Obiora. Shonubi had been acting as CBN Governor since Emefiele’s suspension.

President Tinubu nominated Cardoso for the governorship position on September 15. In addition to this, Emem Usoro, Abdullahi Dattijo, Philip Ikeazor and Bala Bello were nominated as deputy governors. However, these nominations are pending confirmation by the Senate.

As Cardoso and his colleagues assume their roles in an acting capacity, they have already begun administering the monetary and financial sector policies of the Federal Government. The new leadership took their oaths of office at a brief ceremony held at the bank’s head office in Abuja.

Meanwhile, amidst these changes within the CBN leadership, Nigeria continues to face a foreign exchange crisis. The country’s currency depreciated further at the forex window on Friday, exchanging N985/$1 at the parallel market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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