BREAKING: Shake Up At CBN Expected – Experts

The Economists and Finance Experts have described the appointment of Dr Olayemi Micheal Cardoso as substantive Central Bank of Nigeria (CBN) Governor and four new Deputy Governors as not a shocker.

They described it as a development well expected. In one fell swoop, President Bola Ahmed Tinubu on Friday announced Cardoso as the new CBN Governor.

In addition, he dropped all four Deputy Governors and replaced them with new DGs which are Mrs Emem Nnana Usoro, Mr Muhammad Sani Abdullahi Dattijo; Mr Philip Ikeazor and Dr Bala M. Bello.

Reacting to the development in a statement made available to New Telegraph, Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE) and immediate past Director General of Lagos Chamber of Commerce and Industry (LCCI), Uche Uwaleke said CBN shake up didn’t come as a surprise

“The shake-up in the CBN did not come as a surprise. Indeed, President Tinubu hinted during his inaugural speech that the CBN needed a thorough house cleaning. That is what is playing out now.

Under the previous CBN leadership, there were serious issues around the transparency of foreign exchange management as well as the intervention funds of the CBN.

The failure of the CBN to publish Audited Accounts for six years was also a major breach of corporate governance values and the CBN Act.
Cardoso is eminently qualified for the position. He has the academic, intellectual and industry credentials to head the apex bank”, former LCCI DG Said.

Professor of capital market and Economist, Prof. Uche Uwaleke lauded Tinubu’s decision as welcome development. He said Cardoso is eminently qualified.

” It’s a welcome development. Dr Cardoso is eminently qualified. The CBN is too sensitive an Institution to allow a Chief Executive to function in an acting capacity for a long period.

A substantive CBN Governor sends the right signals to financial markets”, he said..