Business News

FG admits CBN’s reputation “badly battered” and needed rescue

The Nigerian Government disclosed that the President Bola Tinubu administration appointed a new management team for the Central Bank of Nigeria (CBN) because its reputation was “badly battered” and needed rescue.

This was disclosed in a statement on Wednesday by Sen. Abdullahi Gumel, the Senior Special Assistant to the President on National Assembly Matters (Senate) in Abuja.

Senator Gumel noted that the appointment of the new management team by President Bola Tinubu was part of efforts to rescue the Nigerian economy from its challenges and also create a new identity for the CBN, he said:

He praised the Senate for confirming the appointment of Mr Olayemi Cardoso as the CBN Governor and his team on the first day of its plenary after recess, adding:

The new CBN Governor, Olayemi Cardoso, expressed his commitment to addressing the apex bank’s outstanding foreign exchange obligations as a top priority in the immediate future.

He made this statement on Tuesday during the Senate members’ screening session.

Cardoso pledges to bolster transparency, address corporate governance issues, and guarantee the autonomy and integrity of the bank, instilling confidence.