President Bola Tinubu has appointed Dr. Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN). Dr. Cardoso is set to serve a term of five years initially, subject to confirmation by the Nigerian Senate. This information was disclosed by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, in a statement released on Friday.

The appointment is in accordance with Section 8 (1) of the Central Bank of Nigeria Act 2007, which empowers the President of the Federal Republic of Nigeria to appoint the governor and four deputy governors for the Central Bank of Nigeria (CBN), subject to Senate confirmation.

President Tinubu also approved the nomination of four new deputy governors for the apex bank. The nominees, who are to serve a term of five years initially pending Senate confirmation, include Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

The President expects these nominees to implement critical reforms at the Central Bank of Nigeria as part of his Renewed Hope agenda. These reforms are aimed at enhancing the confidence of Nigerians and international partners in restructuring the Nigerian economy towards sustainable growth and prosperity for all.

Prior to Dr. Cardoso’s appointment, Folashodun Shonubi had been serving as the acting governor of the apex bank following President Tinubu’s suspension of Godwin Emefiele as CBN governor in June.