BREAKING: Senate confirms Yemi Cardoso as CBN Governor

The Senate has confirmed Yemi Cardoso as a substantive Governor of the Central Bank of Nigeria. 

Cardoso, who assumed duty as acting CBN Governor following his nomination by President Bola Tinubu earlier in September appeared before the Senate on Tuesday, September 26, 2023, for confirmation of his nomination. 

During his screening, the lawmakers asked him several questions regarding inflation, fiscal and monetary policies, foreign exchange and how he would as a CBN governor grow the economy of Nigeria.

Answering the questions bordering on inflation, Cardoso promised to put measures in place to address the issues, adding that the removal of subsidy by President Bola Tinubu is part of the efforts geared towards addressing 

He said, “I know that you all see your various constituents regularly, you’ll be hearing a lot of complaints. Again, there are long-term measures, there are medium-term measures and I believe that some of those measures are being taken already on the fiscal side to at least address a lot of the things that had happened in the past. You look at the removal of oil subsidy, you look at the tightening up on payments being made by on taxes and a whole host of other areas.”

After hours of questioning, the Senate confirmed Cardoso as the 11th Governor of the Central Bank of Nigeria.

The Senate also confirmed the nomination of Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello as Deputy Governors of the apex bank.

Cardoso succeeded Godwin Emefiele, who was suspended from office in June and subsequently tendered his resignation to President Tinubu.