The Nigerian Senate has confirmed Dr. Olayemi Cardoso as the new Governor of the Central Bank of Nigeria (CBN), along with four Deputy Governors: Emem Usoro, Muhammad Dattijo, Philip Ikeazor, and Bala Bello. Dr. Cardoso's confirmation comes after rigorous screening by the Upper Chambers of the National Assembly.
During his screening, Dr. Cardoso emphasized the importance of restoring the CBN's independence and credibility by refocusing on its core mandate and promoting a culture of compliance. He expressed the need to limit the CBN's involvement in direct development financing and shift toward advisory roles that support economic growth.
One of the pressing challenges facing the Nigerian economy is rising inflation, which reached 25.80% in August 2023. Dr. Cardoso pledged that the new CBN leadership would adopt an evidence-based monetary policy and make decisions based on careful analysis rather than impulsive actions.
With Dr. Cardoso and the Deputy Governors officially confirmed, the Central Bank of Nigeria is expected to convene its monetary policy committee meeting. It's worth noting that the CBN had previously postponed its 293rd Monetary Policy Committee meeting, which had been scheduled for September 25 and 26, 2023. Dr. Cardoso's confirmation represents a significant step in Nigeria's economic management and monetary policy planning.
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