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Senate approves Olayemi Cardoso as Governor of the CBN, among others

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On Tuesday, the Senate officially approved Mr. Olayemi Cardoso as the Governor of the Central Bank of Nigeria (CBN).

Additionally, other nominees who were confirmed as Deputy Governors alongside Mr. Cardoso include Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello.

The confirmation process followed a session of closed-door meetings, overseen by Senate President Godswill Obot Akpabío, who resumed his duties after the Senate’s two-month annual recess. During the confirmation hearings, much attention was given to the exchange rate between the Naira and foreign currencies, particularly the United States Dollar, which has been a matter of concern.

Several Senators, including Jimoh Ibrahim, Adams Oshiomhole, and Elisha Abbo, voiced their discontent with the economic challenges, particularly the significant depreciation of the Naira. They urged the newly appointed CBN team to explore innovative approaches to strengthen the Naira and address the economic issues facing the country.

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