Nigerian lawmakers approved Olayemi Cardoso’s, former chairman of Citibank Nigeria, nomination for a five-year term as the central bank governor amid the nation’s currency depreciation and heightened inflation. Cardoso advocates for an evidence-driven monetary policy to address the rising inflation. Nigeria’s benchmark interest rate has spiked to 18.75% since May 2022. Recently, the government declined gasoline price hikes to manage inflation and declared an emergency to boost food security.