President Bola Tinubu has appointed Dr Olayemi Michael Cardoso as the new Governor of the Central Bank of Nigeria (CBN).

Cardoso is to serve a term of five years in the first instance, pending his confirmation by the Nigerian Senate.

This was disclosed by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, on Friday.

According to the Presidential spokesman, the directive conforms 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 deputy governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

President Tinubu also approved the nomination of four new deputy governors of the apex bank for a term of five years in the first instance, pending their confirmation by the Senate.

The nominees are Mrs Emem Nnana Usoro, Mr Muhammad Sani Abdullahi Dattijo, Mr Philip Ikeazor and Dr Bala M. Bello.

“In line with President Bola Tinubu’s Renewed Hope agenda, the President expects the above-listed nominees to successfully implement critical reforms at the Central Bank of Nigeria, which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy towards sustainable growth and prosperity for all,” Ngelale stated.

Until the appointment of Cardoso, Folashodun Shonubi had been the acting governor of the apex bank after President Tinubu suspended Godwin Emefiele as CBN governor in June.