President Bola Ahmed Tinubu has made a significant appointment, naming Yemi Cardoso as the Governor of the Central Bank of Nigeria (CBN). This announcement came through a statement released by Presidential spokesman, Ajuri Ngelale, on Friday, September 15, 2023.

According to the statement, Cardoso's appointment is initially for a term of five years, pending confirmation by the Senate. The statement, titled 'President Tinubu nominates new CBN governor and management team for Senate screening and confirmation,' highlighted the legal basis for this move, citing Section 8 (1) of the Central Bank of Nigeria Act, 2007, which grants the President of Nigeria the authority to appoint the CBN Governor and Deputy Governors, subject to Senate confirmation.

In addition to Cardoso's appointment, President Tinubu has also given his approval for the nomination of four new Deputy Governors for the CBN, also for an initial term of five years, awaiting Senate confirmation. The nominated Deputy Governors are Mrs. Emem Usoro, Mr. Muhammad Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello.

This development follows the suspension of Godwin Emefiele as the Governor of the apex bank, a decision made by the President just three months prior.

Yemi Cardoso brings a wealth of experience to his new role. He is a respected Nigerian banker, chartered stockbroker, and public policymaker. Cardoso previously held the position of Chairman at Citibank Nigeria and served as Commissioner for the Lagos State Ministry of Economic Planning and Budget. His academic background includes a Bachelor of Science (B.Sc.) degree in managerial and administrative studies from Aston University, as well as a Master's degree in public administration from the Harvard Kennedy School. Cardoso has also been involved with the Harvard Kennedy School Alumni Association in an executive capacity.