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Board of the CBN

Mr. Olayemi Cardoso
Governor - Since 10/5/2023

Mr. Olayemi Cardoso is the Governor of the Central Bank of Nigeria (CBN). He commenced his tenure on October 5, 2023.

Before he joined the CBN, he spent over 29 years in commercial banking, culminating in his tenure as Chairman of Citibank Nigeria Ltd, a subsidiary of the world’s leading global bank and the oldest international bank in Nigeria, from 2010 to 2022. Between 1990 and 1997, he was an Executive Director at the Citizens International Bank Limited and Principal Partner at FBC Associates Limited from 1997 to 1999.

Cardoso served as Commissioner for Economic Planning and Budget, Lagos State Government, from 1999 to 2005. In that capacity, he implemented the blueprint which catalysed economic development in the state and championed reform, pioneering state-of-the-art analytical and consultative mechanisms for improving governance.

During his banking and public sector career, he served as Chairman of the Lagos Economic Summit Group (2020-2021) and the Africa Venture Philanthropy Alliance  (AVPA), 2014 – 2020. He also served as a member of the Economic Advisory Council of the Federal Republic of Nigeria (2015 – 2019)  and Cities Alliance Think Tank (2015 – 2018). Other private sector positions held by Cardoso during his career include Board membership of Chevron Oil Plc (2005 – 2008), Nigerian National Advisory Board for Impact Investing, Lagos Business School, Institution of the Annual State Economic Summit, Johnson Products, and DRASA Health Trust.

Cardoso graduated from the University of Aston in Birmingham, United Kingdom, in 1980 with a Bachelor of Science in Managerial and Administrative Studies (Concentration in Finance and Accounting) and subsequently pursued his master’s in public administration and Management (Concentration in Economics and Finance) from Harvard University, Massachusetts, United States of America in 2005. Mr. Cardoso was conferred with a Doctorate in Business Administration (DBA) (honoris causa) by the University of Aston in Birmingham, 2017 in recognition of his outstanding achievements in the private and public sectors. He is also a Fellow of the Chartered Institute of Stockbrokers.

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Facts : 1/1/1995
Magnetic Ink Character Recognition:The Magnetic Ink Character Recognition (MICR) which is an automated system for sorting cheques and other financial instrumenTS. This facility came into effect in the early part of 1995.
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