Senate confirms Yemi Cardoso as CBN Gov
…Cardoso vows to resolve Forex, inflation crises
By Patience Ikpeme
The Senate has confirmed Dr.Olayemi Cardoso as governor of the Central Bank of Nigeria (CBN). His deputies, Emem Usoro, Muhammed Abdullahi-Dattijo, Philip Ikeazor and Bala Bello were also confirmed as deputy governors of the CBN.
Addressing the Senate, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, has outlined his plans to stabilise the country’s foreign exchange market and slow inflation.
He plans to settle financial obligations and develop transparent rules to stabilise the naira.
In relation to inflation, he said evidence-based policies will be put in place and infrastructure improved to enhance data gathering to measure inflation.
Cardoso added that the avoidance of deficit financing will be implemented to tackle money supply issues. By implementing these measures, restrictions on those seeking to invest in Nigeria will be eased.
According to Cardoso, “number one is what I will term an ‘operational issue’, right now we have a situation where -we are aware that there are unsettled obligations by the CBN, whether it is 4 billion, 5 billion or 7 billion I don’t know but definitely the immediate priority will be to verify the authenticity and extent of what is owed.
“Number two, apart from the operational there is one that is system related that involves ensuring that we come up with rules that are open, transparent that any of the players in that area understands. We can expect foreign investors, portfolio investors – we can’t expect them if there is no open transparent system that everyone understands.
To tackle the nation’s inflation, the CBN governor said he would roll out evidence-based policies, emphasizing that “there will be a need to significantly revamp the infrastructure in the CBN with respect to data. We will ensure that our data gathering capacity is significantly enhanced that is key in measuring your inflation,” he said.
He vowed to strengthen collaboration between the fiscal and monetary authorities to ensure alignment and coordination.
To make sure that the public has a clear understanding of the bank’s actions and that there is a mechanism for receiving input and addressing concerns, Cardoso told the Senate that there would be improved communication and feedback to promote transparency in the CBN’s operations.
While acknowledging that their job will be challenging, Cardoso and the Deputy Governors expressed their determination to work with the National Assembly, while assuring that their actions will be in compliance with the laws that govern their operations.
Olayemi Cardoso and the four deputy governors of the Central Bank of Nigeria (CBN) were confirmed in their positions by the Senate.
The confirmation was announced by Senate President Godswill Akpabio after the nominees received approval from the senators through a voice vote during a plenary session.
Akpabio explained that the Senate expedited the screening and confirmation process due to the significant role played by the CBN in Nigeria’s financial system.
He emphasized that this decision was made in the best interest of the country.
