Dr Olayemi Michael Cardoso, acting Governor of CBN
At Senate screening, Cardoso promises to tackle inflation, restore CBN’s core mandate, others
The Senate confirmed the nomination of Dr. Olayemi Cardoso as the next Governor of Central Bank of Nigeria (CBN).
The Senate also confirmed the nomination of the four Deputy Governors of CBN.
The four deputy governors whose appointments were confirmed by the Senate are Emem Usoro, Muhammad Dattijo, Philip Ikeazor and Bala Bello.
Cardoso, during his screening, pledged to restore the apex bank’s independence and credibility by refocusing on its core mandate and ensuring a culture of compliance.
According to him, “Much has been made of past CBN forays into development financing such that the lines between monetary policy and fiscal intervention have become blurred.
“In refocusing CBN to its core mandate, there is need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.”
On rising inflation, Cardoso noted that the new leadership of CBN would “adopt an evidence-based monetary policy and shall not be making decisions based on a whim.”
Indeed, Nigeria’s inflation surged to 25.80% in the month of August 2023, 1.72% points higher than the 24.08% recorded in the previous month.
The increase reflects the impact of the removal of petrol subsidies and the devaluation of the official exchange rate on consumer prices.
Month-on-month inflation rose to 3.18% in the review month from 2.89% recorded in the prior month.
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