The Central Bank of Nigeria (CBN) is the country’s main bank, established in 1958 and starting operations in 1959. Its key roles include managing Nigeria’s external reserves, ensuring monetary stability, and acting as a financial advisor to the government.
The CBN also supports economic development by providing loans and credit to different sectors. With 36 branches across Nigeria, the CBN aims to maintain a stable financial environment and promote economic growth.
READ ALSO: Complete List Of All NAFDAC DGs (1994-Present)
List Of CBN Governors Of Nigeria From 1958 Till Date
| Governor | Term |
|---|---|
| Roy Pentelow Fenton | 24 July 1958 – 24 July 1963 |
| Aliyu Mai-Bornu | 25 July 1963 – 22 June 1967 |
| Clement Nyong Isong | 15 August 1967 – 22 September 1975 |
| Adamu Ciroma | 24 September 1975 – 28 June 1977 |
| Ola Vincent | 28 June 1977 – 28 June 1982 |
| Abdulkadir Ahmed | 28 June 1982 – 30 September 1993 |
| Paul Agbai Ogwuma | 1 October 1993 – 29 May 1999 |
| Joseph Oladele Sanusi | 29 May 1999 – 29 May 2004 |
| Charles Chukwuma Soludo | 29 May 2004 – 29 May 2009 |
| Sanusi Lamido Aminu Sanusi | 3 June 2009 – 20 February 2014 |
| Sarah Alade (Acting) | 20 February 2014 – 3 June 2014 |
| Godwin Emefiele | 3 June 2014 – 9 June 2023 |
| Folashodun Adebisi Shonubi (Acting) | 9 June 2023 – 15 September 2023 |
| Olayemi Cardoso | 15 September 2023 – Incumbent |
Who Was The First Governor Of The Central Bank Of Nigeria?
Roy Pentelow Fenton was the first Governor of the Central Bank of Nigeria (CBN). He served from July 24, 1958, to July 24, 1963.
Fenton was born in 1916 in the United Kingdom, where he studied at the University of London before starting his career in banking and finance in Britain.
Later, he moved to Nigeria during the colonial period, and his strong background in banking made him a good fit to lead the newly formed Central Bank of Nigeria.
Fenton became Governor at a significant time as Nigeria was preparing for independence. Under his leadership, the CBN focused on creating a solid financial structure for the country, which helped Nigeria’s economy grow.
During his time as Governor, Fenton introduced key financial tools like treasury bills and helped set up better payment systems.
These changes made the banking system more effective. After his term ended in 1963, Fenton returned to the UK and continued to work in finance.
Who Is The Current Governor Of The Central Bank of Nigeria?
The current Governor of the Central Bank of Nigeria is Olayemi Michael “Yemi” Cardoso. He assumed office on 15 September 2023, after being appointed by President Bola Tinubu.
Cardoso was officially confirmed as the Governor on 23 September 2023. Born on 10 July 1957 in Lagos, Nigeria, Cardoso began his education at Corona School in Ikoyi and then attended St. Gregory’s College in Lagos.
For higher education, he earned a Bachelor’s degree in Managerial and Administrative Studies from Aston University in the UK in 1980, before he completed a Master’s degree in Public Administration at Harvard Kennedy School in 2005.
Before he was appointed Governor, Cardoso had a notable career in both the private and public sectors. He worked in banking with Citibank and Chase Merchant Bank, gaining experience in different roles such as Head of the World Corporation Group and Vice President.
In 1990, he helped found Citizens Bank, Nigeria, and he was the Head of Corporate Banking and Treasury. In 1999, Cardoso shifted to public service as a Commissioner for Economic Planning and Budget in Lagos State.
He was instrumental in setting up the Ministry of Economic Planning & Budget and chaired several important committees, including those focused on urban transport and privatization.
His tenure also included leadership roles in various boards and organizations, such as Citibank, where he was Chairman of the Board.
Cardoso has also been involved in development work, founding the Africa Institute for Leadership and Public Administration (AILPA) to promote public-private partnerships.
He has served on the advisory board of Lagos Business School and is a member of the Nigerian National Advisory Board on impact investing.
Additionally, he is on the Board of Trustees for DRASA Health Trust, a public organization honoring the late Dr. Ameyo Adadevoh.
Who Is The Current Deputy Governor Of The Central Bank Of Nigeria?
The Central Bank of Nigeria (CBN) has four Deputy Governors. They are Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala Mohammed Bello.
Mrs. Emem Nnana Usoro has over 20 years of experience in banking. She has worked in different areas such as operations, credit, marketing, and corporate banking.
Mrs. Usoro has degrees from Harvard Business School and Lagos Business School. Before joining the CBN, she was the Group General Manager at United Bank for Africa (UBA), managing strategic operations in Abuja and Lagos. She has received many awards for her work in the banking sector.
Mr. Muhammad Sani Abdullahi Dattijo is a development economist with a strong background in policy and public finance.
He has worked as a policy adviser at the United Nations and was a Commissioner for Budget and Planning in Kaduna State.
He holds a Master’s degree in Development Economics from the University of Manchester and has been involved in various international development programs.
Mr. Philip Ikeazor has over 30 years of experience in financial services. He has worked with notable banks like Keystone Bank and Ecobank Kenya.
He graduated from the University of Buckingham and has attended executive programs at Harvard Business School. Mr. Ikeazor is noted for his work in financial governance and has served on boards related to agriculture and finance.
And finally, Dr. Bala Mohammed Bello is an accountant and public official with experience in banking and capital markets. He was appointed Executive Director of Corporate Services at the Nigerian Export-Import Bank 2017.