Buhari Nominates Godwin Emefiele For Second Term

Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has been nominated for a second term by President Muhammadu Buhari.

Buhari appoints Emefiele for 2nd term

Emefiele will become the first CBN governor since 1999 to serve two terms.

Godwin Emefiele first came into office in 2014 when he was appointed by former president Goodluck Jonathan. He remained in office after he was retained when Buhari got sworn-in in 2015.

Buhari is said to be impressed by Emefiele’s defiant stance against multiple calls to devalue the Naira. Also, his restriction on importation of 40 items from buying foreign exchange was found impressive by the President.

A report from TheCable states that the letter for the tenure renewal was signed by Buhari on Wednesday and has now been sent to the senate. This has to be confirmed by the senate before it can take effect.

Before his 2014 appointment, Emefiele spent most of his over two decades of banking years with Zenith Bank Plc where he served in different roles. He was Group Managing Director when he was appointed.

He holds a B.Sc. degree and an MBA Degree in Finance, both from the University of Nigeria, Nsukka.

Emefiele’s initiatives to retain high interest rates in a bid to protect the nation’s currency, ban importation of certain items that can be produced locally, boost output from farmers by imposing import restrictions on agricultural products and imposing capital controls to shore up the naira found favour with Buhari.

Nigeria slipped into its worst recession in 29 years in 2016 and gross domestic product (GDP) didn’t return to positive growth until Q2 2017.

If Emefiele is confirmed by the Senate, his second five-year term will end in 2024.

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