Who is the new Governor of Central Bank of Nigeria

The Central Bank of Nigeria (CBN) plays a crucial role in shaping the country’s monetary policies and financial stability. With leadership transitions often bringing new economic strategies, many Nigerians are curious about who the new CBN governor is and what changes they might introduce. Following the tenure of Godwin Emefiele, a new governor has been appointed to steer Nigeria’s financial sector through evolving challenges. In this article, we explore the background, experience, and policy direction of the new CBN governor, shedding light on what to expect from their leadership.

Who is the new Governor of Central Bank of Nigeria

Since the suspension of Godwin Emefiele as the Governor of the Central Bank of Nigeria, a new person, Yemi Cardoso, has been appointed to serve in his place for a period of five years.

In this article, we’ll provide information on everything you need to know about the new Governor of the Central Bank of Nigeria, Yemi Cardoso, from his early life and educational background to his career in banking and finance, his career with the Lagos State Government, and his career as a board member of Citibank.

Yemi Cardoso’s Biography

Yemi Cardoso is a banker and financial and development expert who was appointed on September 15, 2023, by President Bola Ahmed Tinubu to serve as the Governor of the Central Bank of Nigeria. While he was appointed on September 15, 2023, his position as Governor was confirmed on September 23, 2023.

Early Life

Dr. Olayemi Michael Cardoso, simply known as Yemi Cardoso, was born July 11, 1957, in Lagos. He is a christian by religion, yourba by tribe and Brazilian by descent.

Although not much is known about Cardoso’s early life and background, it is at least known that his parents are descendants of returnees from Brazil.

His father, Felix Bankole Cardoso, was also the first Accountant-General of Nigeria following his appointment in 1963, becoming the first indigene of the country to occupy that position.

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Who Is The First Governor Of Central Bank Of Nigeria

Education

Yemi Cardoso started his primary education at Corona School Ikoyi, in Lagos, before studying at St. Gregory’s College in Lagos. He then went on to acquire a Bachelor’s degree in Managerial and Administrative Studies from Aston University, United Kingdom.

Following his acquisition of a Bachelor’s degree, Yemi Cardoso attended the Harvard Kennedy School of Government where he acquired a Master’s degree in Public Administration in 2005. He also graduated as a member of the prestigious Michael Romer Memorial Scholarships.

Yemi Cardoso’s Career

Yemi Cardoso’s career is one that has spanned the private sector, the public sector, the philanthropic sector, and the voluntary sector. The activities he engaged in as well as his achievements in these different sectors led to his appointment as the Governor of the Central Bank of Nigeria.

Banking and Finance

Yemi Cardoso started his career in banking and finance in London at Howard Tilly & Co., Chartered Accountants before leaving after a short spell to work at Citibank, one of the world’s biggest financial services conglomerate at the time.

While working at Citibank, Cardoso went through the organization’s credit training program in Athens, Greece before he was mobilized in 1982 to one of its branches in Abidjan, Ivory Coast.

In that same year, Yemi Cardoso left Ivory Coast and moved back to Nigeria to work as a member of the credit and marketing team of Chase Merchant Bank. However, his stay at Chase Merchant Bank didn’t last long. In 1984, Yemi Cardoso rejoined Citibank, this time around as one of the founding members of the Nigerian International Bank Limited.

Yemi Cardoso occupied the position of Head of the World Corporation Group where he managed Citibank’s crucial global relationships. He also helped assess and approve the bank’s credit limit while working as a member of its credit committee.

In 1988, Yemi Cardoso played a huge role in Citibank’s establishment of its first branch outside Lagos. The branch was located in Kano and served as the headquarters of the bank’s operations in the northern part of Nigeria. Due to Cardoso’s contribution to its establishment, he was made the Vice President of the bank in Kano.

In 1990, Yemi Cardoso founded Citizen Bank alongside some other colleagues from Citibank. He was consecutively made Head of Treasury and Financial Institution, and Head of Corporate Banking, and later served as Executive Director for eight years.

Lagos State Government

Following the 1999 transition of Nigeria to democratic rule, Yemi Cardoso was appointed a Commissioner in Lagos State, Nigeria, where he worked in the Ministry of Economic Planning & Budget.

As a Commissioner, Cardoso raised awareness about the complexities that come with managing Lagos State while introducting consultative and analytical methods that could help enhance governance in the state.

Yemi Cardoso, while working as Commissioner of Lagos State, also helped managed the pattern of expenditure of the state, monitored the performances of other ministries, designed and developed strategies that helped foster growth and alleviate poverty, and wrote the 10-point economic agenda that led to huge reforms in the state.

In 2000, Yemi Cardoso paved the way for non-profit civil society groups, international development partners, multi-stakeholders, and business leaders to solve problems of a megacity like Lagos in a result-oriented and non-partisan way by founding the Ehingbeti Lagos Economic Summit.

During his time with the Lagos State Government, Yemi Cardoso headed popular committees like:

The State Pension Fund Committee

The Lagos Water Corporation
The Cabinet Project Monitoring Committee
The State Security Trust Committee

The Privatization Committee
The Lagos Urban Transportation Project Office

Citibank’s Board Membership

Between 2017 and 2010, Yemi Cardoso chaired the audit committee of the board of Citibank, and in 2010, he was made member of the bank’s board, and later the Chairman of the Board.

Between 2010 and 2022, Yemi Cardoso functioned as the Chairman of the Board of Citibank, and during that period he helped improved the bank’s shareholders’ equity by 231.2 %, its total revenue by 235.6%, and its total assets by 308.3%.

As a result of his strong advocacy for gender inclusion and diversity, Cardoso worked towards increasing the percentage of women on the board of Citibank from 8% to 50%.

Governor of Central Bank of Nigeria

Following the suspension of Godwin Emefiele in June 2023, and in a bid by President Bola Ahmed Tinubu to revitalize the economy of Nigeria and build confidence among its citizens and foreign partners, Yemi Cardoso was first nominated and later confirmed by the Nigeria Senate as the Governor of the Central Bank of Nigeria.

Yemi Cardoso’s Awards and Recognition with Citibank

Some of the awards Citibank won and recognitions it received during Yemi Cardoso’s time in charge include:

Euromoney’s Best Investment Bank in Africa (2015, 2017)
Lifetime Achievement Award at the African Banker Awards (2017)

Global Finance’s Best Corporate/Institutional Digital Bank in Nigeria (2017, 2018, 2019)

Who Appointed Emefiele as CBN Governor?

Godwin Emefiele was appointed as the Governor of the Central Bank of Nigeria (CBN) by President Goodluck Jonathan in 2014. At the time, he was serving as the Managing Director of Zenith Bank.

What Is the New Policy of CBN 2024?

In 2024, the Central Bank of Nigeria introduced several policy measures to address economic challenges. Notably, in October 2024, the CBN announced plans to automate foreign exchange (FX) trading by December, shifting from the over-the-counter system to an automated platform to enhance transparency.

Additionally, the CBN released its monetary, credit, foreign trade, and exchange policy guidelines for the fiscal years 2024/2025, outlining strategies to stabilize the economy.

Who Is the CBN Deputy Governor?

As of 2025, the Central Bank of Nigeria has multiple deputy governors overseeing different financial policies. You can find the latest deputy governors on the official CBN website.

Who Is the Head of the Central Bank?

The current Governor of the Central Bank of Nigeria is Mr. Olayemi Cardoso. Appointed in 2023, he has been driving reforms to stabilize the Nigerian economy. More details can be found on the CBN website.

Who Is the Current CEO of the Central Bank?

In central banking, the term “CEO” is synonymous with the Governor. Therefore, Mr. Olayemi Cardoso serves as both the Governor and the Chief Executive Officer of the Central Bank of Nigeria.

What Is the Most Powerful Central Bank in the World?

The U.S. Federal Reserve is widely regarded as the most powerful central bank globally, influencing monetary policy and financial markets worldwide. Learn more on Investopedia.

What Country Has the Richest Bank?

As of 2023, China is home to the world’s largest banks by total assets. The Industrial and Commercial Bank of China (ICBC) tops the list, followed by other Chinese banks. See the full list on Wikipedia.

Who Is the Best Central Bank Governor in the World?

In 2025, Ayman Al-Sayari, the Governor of the Saudi Central Bank (SAMA), was recognized as the Central Banker of the Year by The Banker magazine. Read more on The Banker.

Who Controls the Central Bank?

Central banks operate with some independence from direct government control. For example, the U.S. Federal Reserve‘s Board of Governors is an independent government agency, while its regional banks function similarly to private corporations. Learn more on the Federal Reserve website.

In Nigeria, the Central Bank operates under the guidance of its Governor and Board of Directors, implementing policies for economic stability. More information is available on the CBN website.

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Who is the new Governor of Central Bank of Nigeria