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JUST IN: Dr. Olayemi Cardoso Assumes Duty As Acting CBN Governor

Published

3 years ago

September 22, 2023

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Dr. Olayemi Michael Cardoso, who was recently nominated by President Bola Ahmed Tinubu, has on Friday, September 22, 2023, formally assumed duty, in an acting capacity, as the Governor of the Central Bank of Nigeria (CBN), pending his confirmation by the Senate.

This follows the resignation of Mr. Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN), Similarly, the Deputy-Governors-Designate have also assumed duty, in acting capacities, sequel to the formal resignation of Mr. Folashodun Shonubi, Mrs. Aishah Ahmad, Mr. Edward Lametek Adamu, and Dr. Kingsley Obiora as Deputy Governors of the CBN.
Dr. Cardoso and his colleagues subscribed to the relevant oaths of office at a brief ceremony
held at the Bank’s Head Office in Abuja, on Friday, September 2023, and have since settled
down to the task of administering monetary and financial sector policies of the Federal
Government.

An Economic and Development Policy Advisor, Financial Sector Leader, former Chairman
Citi Nigeria and Commissioner for Economic Planning and Budget in Lagos, Cardoso brings
over three decades of managerial experience on board.

He is an alumnus of Aston University, Birmingham, United Kingdom, where he studied managerial and administrative studies. He also holds a Master’s degree in Public Administration from the Harvard Kennedy School, United States of America.

Recall that Dr. Cardoso and his colleagues were appointed to their respective
positions at the Bank on September 15, 2023, subject to their confirmation by the Senate.

Related Topics:Acting CBN Governor Featured Olayemi Cardoso

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Africa’s Top Five Strongest Currencies

Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges

Published

11 hours ago

November 2, 2026

OCHEFA

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According to the Forbes currency calculator, the following are the five strongest African currencies as of October 2026 against the US Dollar.

5. Botswana – Botswana Pula (BWP) Exchange Rate: 13.76 BWP per USD

The Botswana Pula stands out as one of Sub-Saharan Africa’s strongest currencies. Sound governance, effective fiscal policies, and a balanced reliance on diamond exports have helped maintain its strength.

4. Ghana – Ghanaian Cedi (GHS) Exchange Rate: 11.58 GHS per USD While the Ghanaian Cedi has been volatile, recent economic reforms and IMF support have introduced some stability. Government initiatives to rein in inflation and manage public debt are beginning to yield positive outcomes.

3. Morocco – Moroccan Dirham (MAD) Exchange Rate: 9.81 MAD per USD

The Moroccan Dirham benefits from the country’s stable macroeconomic policies, economic diversification, and prudent monetary governance. Morocco’s growing appeal to foreign investors, especially in renewable energy, also bolsters its currency.

2. Libya – Libyan Dinar (LYD)Exchange Rate: 6.39 LYD per USD

Despite years of political unrest, the Libyan Dinar remains notably strong. This resilience largely stems from Libya’s abundant oil reserves, which generate substantial foreign exchange revenue.

1. Tunisia – Tunisian Dinar (TND)Exchange Rate: 2.98 TND per USD
Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges

Business

Naira Exchange Rates Today, Monday November 2,2026

Published

1 day ago

November 2, 2026

OCHEFA

25 Views

PARALLEL MARKET RATES

₦1382 DOLLAR (USD)

₦1815POUND (GBP)

₦1515EURO (EUR)

₦970DOLLAR (CAD)

₦65RAND (ZAR)

₦350DIRHAM (AED)

₦190YUAN (CNY)

₦100G.CEDI (GHS)

₦2300CFA F.(XOF)

₦2200CFA F.(XAF)

₦850AUSSIE (AUD)

OFFICIAL CBN EXCHANGE RATES

DOLLAR (USD)₦1346.26

POUND (GBP)₦1803.58

EURO (EUR)₦1503.23

SWISS FRANC (CHF)₦1634.20

JAPANESE YEN (JPN)₦8.56

CFA FRANC (XOF)₦2.28

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1821.09

CHINESE YUAN (CNY)₦202.35

SAUDI RIYAL (SAR)₦358.71

SOUTH AFRICAN RAND (ZAR)₦80.67

Business

African Energy Bank Headquarters Operation in Nigeria

The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.

Published

1 day ago

November 1, 2026

OCHEFA

34 Views

Pic:L-R: Sen. Heineken Lokpobiri, Hon. Minister for State Petroleum Resources (Oil), Federal Government of Nigeria, Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank and Hon Mamadou Sangafowa-Coulibaly, Minister of Mines, Petroleum and Energy of Côte d’Ivoire during the first General Meeting of the Africa Energy Bank in Abuja, Nigeria.

African Export-Import Bank and the African Petroleum Producers’ Organisation have formally announced the establishment of the Africa Energy Bank (AEB).

The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.

The announcement was made during the AEB’s inaugural general meeting held in Abuja, Nigeria, on 31 October 2026.

The bank will provide financing for petroleum exploration, production, transportation, refining and distribution, while supporting Africa’s efforts to reduce dependence on imported petroleum products.

Afreximbank and APPO estimated the continent’s energy investment requirements at `$200bn, indicating a substantial funding gap that the new institution is expected to help address.