Former chairman of Nigeria's Citibank, Olayemi Cardoso, took office of the central bank governor on Friday, waiting for the upper chamber of the Nigeria's Parliament to officially confirm the job assignment, the central bank stated.
Cardoso was earlier appointed to the post by the country's President Bola Tinubu.
Last week, Tinubu reportedly nominated Cardoso for the post. Cardoso and his deputies "have since settled down to the task of administering monetary and financial sector policies" after a brief ceremony, central bank spokesperson Isa Abdulmumin said in a statement.
Cardoso took over from Folashodun Shonubi, who occupied the position of the acting central bank governor after the suspension and arrest of the former head of the bank Godwin Emefiele.
In early June, Tinubu, removed Emefiele from his post. The banker was later arrested by the country's law enforcement agency, the Department of State Services (DSS), as part of an investigation into his office's activities.
Emefiele led the central bank since 2014. During his tenure, Emefiele's policies have been subjected to criticism, with some slamming him for excessive and contradictory regulation of banks at the expense of price stability.
At his inauguration in May, Tinubu stressed that the central bank's policies under Emefiele required "thorough house-cleaning."
In early August, the Nigerian leader launched a thorough audit of the central bank as part of his sweeping reforms to overhaul the country's economy, which has been battered by low oil prices, debt and insecurity.