The Central Bank of Nigeria (CBN) has appointed Olayemi Cardoso as the new governor, who officially assumed duty on Friday amidst a foreign exchange crisis. This development comes at a critical time for the Nigerian economy, as the value of the Naira continues to decline.

In a statement released by Isa AbdulMumin, the CBN’s Director of Corporate Communications, it was revealed that Cardoso will assume office pending confirmation by the Senate. The resignation of the former governor, Mr Godwin Emefiele, necessitated this appointment. Additionally, the deputy governors-designate have also assumed their roles in acting capacities.

A brief ceremony was held at the bank’s headquarters in Abuja, where Cardoso and his colleagues took the relevant oaths of office. Since assuming their positions, they have been actively involved in the development and implementation of monetary and financial sector policies for the Federal Government.

It is worth noting that Cardoso’s nomination as CBN governor came from President Bola Tinubu on September 15. Tinubu also nominated Emem Usoro, Abdullahi Dattijo, Philip Ikeazor, and Bala Bello as deputy governors.

The former CBN governor, Godwin Emefiele, resigned while in the custody of the Department of State Security Service. Tinubu had suspended Emefiele in June and ordered an investigation into the activities of the apex bank.

Meanwhile, the depreciation of the Naira persists, with the parallel market rate reaching N985/$1 on Friday. This further highlights the urgency and importance of Cardoso’s appointment as the new CBN governor, as he takes on the crucial role of stabilizing the Nigerian currency amidst ongoing economic challenges.