Senate Grills, Confirms Cardoso, 4 Deputies

The Nigerian Senate Tuesday screened and confirmed Olayemi Cardoso as Governor of the Central Bank of Nigeria for a term of five years.

Also confirmed are four Deputy Governors of the Apex Bank, Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala Bello.

The Senate President, Godswill Akpabio, while addressing the nominees frowned at the involvement of the CBN in construction of classrooms, Agricultural development and other interventions not covered under the CBN Act

He emphasized the need for an Apex Bank that is focused on providing quality policy and monetary directions for the economy.

He lamented that the bank under the former board failed to come up with policies that would resuscitate the Economy

He tasked the new CBN team to work towards steering the economy to attract more investors by ensuring that the Naira is strengthened against the Dollar

The CBN Governor, Olayemi Cardoso assured that the Board will adopt various strategies including short term and medium terms goals to repair the economy

According to him, to achieve stability in Nigeria’s exchange rate, measures must be put in place towards ensuring a healthy balance of payment and diversification of the economy.

He pointed out that operational issues such as resolving unsettled obligations by the Apex Bank and implementation of open, reliable and transparent rules be adhered to by stakeholders in the Forex market.

He further pointed out the need for a strategy known to players, adding that these immediate steps will ease restrictions in the country’s business environment.

Cardoso stressed that the new board of the CBN will implement the short term measures, adding that removal of oil subsidy, tightening up tax payment, among others, are part of measures to stabilize the economy.

The new CBN team pledged to ensure a collaborative working relationship with the fiscal policy regulators to ensure that things do not get heated up in the polity

The CBN team assured that they will work to restore the dignity of the Central Bank, as they expressed hope to double economic growth over a 10 year period.