Nigerian lawmakers approved the appointment of Olayemi Cardoso to a five-year term as the next central bank governor, as Africa’s biggest economy grapples with a plunging currency and runaway inflation.
Cardoso, former Citibank Nigeria Ltd. chairman, and four deputy governors were confirmed at a Senate hearing in the capital, Abuja, on Tuesday. They were appointed by President Bola Tinubu in acting capacities on Sept. 22.
The appointment of Cardoso, 66, provides an opportunity for the new leadership to restore the institution’s credibility, which was eroded by Emefiele’s unorthodox policies during his nine-year tenure. “Much has been made of past CBN forays into development financing such that the lines between monetary policy and fiscal intervention have become blurred,” he said. “In refocusing CBN to its core mandate, there is need to pull the CBN back from direct development finance interventions into more limited advisory roles that support economic growth.”
Nigerian inflation is at a more than 18-year high and its currency is among the world’s worst performers this year after the implementation of reforms to liberalize the nation’s foreign-exchange market.
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