President Bola Tinubu has proposed Olayemi Cardoso to be the Central Bank of Nigeria’s (CBN) new Governor.

According to a statement issued by presidential spokeswoman Ajuri Ngelale. If confirmed by the Senate, Cardoso will succeed CBN Acting Governor Folashodun Shonubi.

“President Bola Tinubu has approved the nomination of Dr. Olayemi Michael Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Nigerian Senate,” the Friday statement added.

Aside from the Lagos-born Cardoso, Tinubu appointed four deputy governors in “conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the governor and four (4) deputy governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria”.

Ajuri said the nominations are in line with Tinubu’s Renewed Hope agenda with the Nigerian leader expecting them to “successfully implement critical reforms at the Central Bank of Nigeria”.

Emefiele’s Ordeal, Shonubi’s Cameo

The move occurred months after President Tinubu appointed Shonubi as acting governor of the Central Bank of Nigeria. He was the bank’s deputy governor in charge of the operations department prior to his current position.

His new position came after the suspension of CBN Governor Godwin Emefiele.

“This is a sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy,” said Willie Bassey, Director of Information, Office of the Secretary to the Government of the Federation, when confirming Emefiele’s suspension.

He was later arrested by the Department of State Services (DSS) but released on bail.

‘Harshly Applied’ Cash Swap

Emefiele, who is accused of an N6.9 billion scam, was nominated by former President Goodluck Jonathan in 2014.

However, he experienced blowback at the end of his tenure as a result of ex-President Muhammadu Buhari’s naira swap/redesign program.

The move prompted a cash shortage in the country, prompting some Nigerians to take to the streets in protest ahead of the 2023 general elections.

While the CBN removed old currency notes and insisted on using new banknotes, it took a Supreme Court decision for the bank to allow the use of both new and old naira notes.

Tinubu has criticized the policy during his campaigns, promising to alter the “harshly applied” policy if elected.

During his inauguration, he made good on his promise, informing Nigerians that his “administration will treat both currencies as legal tender.”