Dr. Olayemi Michael Cardoso, Governor of the Central Bank of Nigeria (CBN), is a rare financial gem in the monitory industry. Appointed by President Bola Ahmed Tinubu in September 2023. He brings a wealth of experience and a distinguished background to his current administration.
Born and raised in Lagos, Cardoso’s educational journey began at Corona School Ikoyi and St. Gregory’s College, where he laid the foundation for his academic pursuits.
Olayemi Cardoso’s academic journey includes a Bachelor’s degree in Managerial and Administrative Studies from Aston University in 1980.
Later, he pursued further studies at the Harvard Kennedy School of Government, earning a Master’s degree in Public Administration in 2005 as a Mason Fellow.
In recognition of his outstanding achievements in both the private and public sectors, Aston University granted him an honorary Doctorate in Business Administration (DBA) in 2017.
He is also a Fellow of the Chartered Institute of Stockbrokers.
Dr. Cardoso has dedicated over four decades to serving in leadership roles across the public, private, and development sectors.
His past roles include serving as Commissioner in the Lagos State Ministry of Economic Planning and Budget, Chairman of the board of the African Venture Philanthropy Alliance, and, most recently, Chairman of Citibank Nigeria Ltd for 12 years until his resignation in 2022.
With a deep commitment to public service and a comprehensive understanding of financial matters, Cardoso has from his works proven to be well-equipped to continue steering the monetary and financial policies as the new Governor of CBN.
Dr. Cardoso along with his Deputy-Governors-Designate assumed office on September 22, 2023.
His extensive managerial experience, economic and development policy expertise, and financial sector leadership make him a valuable asset in shaping and implementing the country’s economic policies.
Since his tenure in office, he has performed several notable activities including extending the legal tender status deadline of the old design of N200, N500
and N1,000 denominations, ad infinitum. This action follows the Banks introduction of redesigned N200, N500
and N1,000 denominations in October 2022. Deadlines were set for the old design of these denominations to cease as legal tenders. To this the public relayed their outcry to extend the deadline.
He therefore urged the general public to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with utmost
care, to safeguard and protect the lifecycle of the banknotes. Thus, all banknotes issued by the Central Bank of Nigeria (CBN), in accordance with
Section 20(5) of the CBN Act 2007, will continue to remain legal tender, ad infinitum,
even beyond the initial December 31, 2023, deadline.
He has also been attending as well hosting strategic meetings to exchange intangible knowledge among agencies and countries. His recent meeting was hosting Khalifa Sanusi, Impact Investing Community to join restating CBN’s focus on Price Stability.
His efforts within these few months in office have been full of notable activities that have gradually proven his efficiency in the position.
Ruth Esi Amfua Sekyi – Public Sector Global
