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Senate Confirms Cardoso as CBN Governor

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CEM REPORT, FINANCE | The nomination of Olayemi Cardoso as the Governor of the Central Bank of Nigeria (CBN) has been confirmed by the Nigerian Senate.

The 10th Senate also confirmed the nomination of the four Deputy Governors of CBN after screening.

The Senate led by Senator Godswill Akpabio commenced screening of Cardoso and the nominated deputies upon resumption of plenary.

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The confirmation of Cardoso implies that he would head the apex bank for the next five years and be responsible for monetary policies.

During his screening, he stated that Nigeria needs a stable exchange rate to help the country move forward.

“For the sort of country we want, we do need a stable exchange rate. And quite frankly, there are short and medium-term measures.

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The medium-term measures have to do with the balance of payments over some time.

For the immediate short-term measures, there are two very important issues that we would have to address when and if we are nominated.

One is Operational Issues, we are aware there are unsettled obligations that need to be met. The other is system issues whereby there are open and transparent systems that everyone understands and can rely on.”

Speaking on compliance with regulations, Cardoso said his reputation for doing things properly as Commissioner of Economic Planning and Budget, precedes him noting that he doesn’t intend to disrepute himself

“I want to emphasize that this is all I know. My calling has been the calling of banking, dealing with institutions that have a culture of compliance,” he added.

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