Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has been appointed chairman of the Africa Finance Corporation (AFC), marking a new leadership role for the Nigerian central bank chief at the pan-African development finance institution.
AFC President and CEO, Samaila Zubairu, disclosed the appointment on Wednesday on the sidelines of the IMF meeting in Bangkok, Thailand.
The appointment comes as Nigeria pursues monetary and foreign exchange reforms aimed at strengthening economic stability, rebuilding investor confidence and improving access to capital.
Cardoso has led the CBN since September 2023, overseeing changes to the foreign exchange market, monetary policy operations and banking-sector regulation. His tenure has also featured efforts to strengthen the central bank’s institutional credibility and improve the transmission of monetary policy.
The AFC is a pan-African multilateral development finance institution focused on financing infrastructure and industrial development across the continent. Its activities span sectors critical to economic growth, including energy, transport, natural resources and telecommunications.
Cardoso’s appointment places him in a leadership position at an institution whose mandate includes mobilising private and institutional capital for Africa’s infrastructure needs.
The development comes amid renewed attention to Nigeria’s external financial position, with the country’s foreign exchange reserves climbing to $58.81 billion as of October 12, 2026, according to CBN data.
Further details on the appointment, including its effective date and the specific responsibilities attached to the chairmanship, were not independently confirmed in the available report.
