CBN Governors

Complete List Of CBN Governors From 1958 Till Date

This is the list of all the Central Bank of Nigeria Governors from 1958 till present:

No.GovernorTenure
1Roy Pentelow FentonJuly 24, 1958 – July 24, 1963
2Aliyu Mai-BornuJuly 25, 1963 – June 22, 1967
3Clement Nyong IsongAugust 15, 1967 – September 22, 1975
4Adamu CiromaSeptember 24, 1975 – June 28, 1977
5Ola VincentJune 28, 1977 – June 28, 1982
6Abdulkadir AhmedJune 28, 1982 – September 30, 1993
7Paul Agbai OgwumaOctober 1, 1993 – May 29, 1999
8Joseph Oladele SanusiMay 29, 1999 – May 29, 2004
9Charles SoludoMay 29, 2004 – May 29, 2009
10Sanusi Lamido Aminu SanusiJune 3, 2009 – February 20, 2014
11Sarah AladeFebruary 20, 2014 – June 3, 2014
12Godwin EmefieleJune 3, 2014 – June 9, 2023
13Folashodun Adebisi ShonubiJune 9, 2023 – September 26, 2023
14Olayemi CardosoSeptember 26, 2023 - Present

Who Was The First Governor Of The Central Bank Of Nigeria?

The first Governor of the Central Bank of Nigeria (CBN) was Roy Pentelow Fenton. He started his job on July 24, 1958, and worked until July 24, 1963.

Fenton was not from Nigeria; he was an immigrant, and he helped set up the CBN during a key time in Nigeria’s history, just as the country was moving towards independence from British rule.

Fenton’s leadership was important in starting the central bank’s operations. The CBN was created to help manage the banking sector and the country’s currency.

Before the CBN was established, Nigeria’s banking system had many problems. It was mostly unregulated, and many banks failed.

The CBN aimed to stop these problems and create a more organized financial environment. While he was Governor, Fenton focused on several important tasks.

These included managing the country’s foreign reserves, issuing currency, and regulating the banking sector. His work aimed to ensure that the CBN could effectively support Nigeria’s economic growth and stability.

After Fenton, Aliyu Mai-Bornu became the second Governor of the CBN on July 25, 1963. Mai-Bornu was the first Nigerian to hold this position.

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When Did Godwin Emefiele Become CBN Governor?

Godwin Emefiele

Godwin Emefiele became the Governor of the Central Bank of Nigeria (CBN) on June 3, 2014. Before becoming governor, he was the Managing Director of Zenith Bank.

His journey to the top position at the CBN began when then-President Goodluck Jonathan nominated him on February 20, 2014.

He took over from Sarah Alade, who had been acting as governor for three months after the suspension of the previous governor, Lamido Sanusi.

Emefiele’s confirmation as the CBN governor was completed by the Senate on March 26, 2014, after a thorough screening process.

He was appointed for a five-year term. This appointment was notable because it was the first time since Nigeria’s return to democracy in 1999 that a central bank governor was reappointed for a second term.

During his first term, Emefiele faced many economic challenges, including high inflation and currency instability. He introduced several policies to stabilize the Nigerian economy.

One of his main strategies was managing foreign exchange. He tried to support the Naira, Nigeria’s currency, through various interventions in the currency market.

This often involved flooding the market with dollars to maintain the Naira’s value, leading to a complex multiple exchange rate system.

Emefiele was reappointed for a second term on May 16, 2019, after President Muhammadu Buhari nominated him again.

However, his time as governor ended abruptly on June 9, 2023, when President Bola Tinubu suspended him amid ongoing investigations into his administration at the CBN.

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Who Is The Current Governor Of The Central Bank Of Nigeria?

Olayemi Michael Cardoso

The current Governor of the Central Bank of Nigeria (CBN) is Olayemi Michael Cardoso. He officially started his job on October 5, 2023.

Cardoso was chosen by President Bola Ahmed Tinubu on September 15, 2023, and the Nigerian Senate confirmed his appointment on September 23, 2023.

Olayemi Cardoso has a strong background in banking and public administration. He went to Aston University in the United Kingdom and got a Bachelor’s degree in Managerial and Administrative Studies.

Also, he earned a Master’s degree in Public Administration from the Harvard Kennedy School in the United States. Before becoming the CBN Governor, Cardoso had a notable career in both private and public sectors, having worked as the Commissioner for Economic Planning and Budget in Lagos State.

In this role, he was involved in many economic projects and initiatives. In the banking sector, he held important positions at Citibank Nigeria, including serving as its Chairman.

Cardoso has over thirty years of experience in financial services, economic planning, and public administration. His extensive experience and background make him a well-qualified leader for the Central Bank of Nigeria.

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