* Currency In Circulation Surpasses N2tn
* Governor Faces N1000/$ Exchange Rate
The nominee for the position of governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso has officially assumed office.
Cardoso’s assumption is coming amid currency in circulation surpassing N2 trillion, as well as worst outing for the local currency against other international currencies.
Specifically, he is going to contend with the all-time low exchange rate at about N1000 to the dollar with the accompanying low disposable income.
The currency in circulation in Nigeria has risen to N2.7 trillion as of the end of August 2023
CBN said the amount increased by N1.7 trillion monthly
The currency in circulation hit an all-time low of N982 billion in February 2023 during the naira redesign policy exercise.
Currency in circulation in Nigeria spiked by N1.7 trillion following increased cash transactions.
Data from the CBN as of Thursday, September 21, 2023, shows that the currency in circulation hit about N2.7 trillion as of the end of August 2023.
However, according to a statement issued by Dr. Isa AbdulMumin, the Director, Corporate Communications at the CBN on Friday, September 24, 2023, Cardoso wll assume duty as the acting CBN governor pending confirmation by the Senate, who is currently on its annual recess.
It was also noted that the deputy governor-designates have assumed office following the resignation of the previous deputies.
The statement read, “Dr. Olayemi Michael Cardoso, recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria, pending his confirmation by the Senate. This follows the resignation of Mr Godwin Emefiele as Governor of the CBN.
“Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.”
The deputy-governors-designate are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello.
The statement noted that Dr. Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony held at the Bank’s Head Office in Abuja on Friday, September 2023.
It added that they have since settled down to the task of administering monetary and financial sector policies of the Federal Government.
The Senate spokesperson and the Chairman, the Senate Committee on Media and Publicity, Yemi Adaramodu, told the PUNCH earlier that the Senate would screen the governor and other executives of the CBN as soon as it gets an Executive Communication to that effect upon its resumption from its annual recess.
Cardoso brings significant experience to this role, having served as an Economic and Development Policy Advisor, Financial Sector Leader, former Chairman of Citi Nigeria, and Commissioner for Economic Planning and Budget in Lagos.
He holds degrees from Aston University in the United Kingdom and the Harvard Kennedy School in the United States.