President Muhammadu Buhari has
nominated Godwin Emefiele for a second term as governor of the Central Bank of
Nigeria (CBN).
Emefiele was first appointed in
2014 by former president Goodluck Jonathan and was retained when Buhari came to
office in 2015.
TheCable reports that the
letter for the tenure renewal was signed by Buhari on Wednesday and has now been
sent to the senate.
By the CBN Act, the senate must
confirm the nomination before it can take effect.
This is the first time since
1999, when Nigeria returned to democracy, that anyone would be nominated to
serve two terms as CBN governor.
Before assuming the office of the
CBN governor, the 57-year-old banker was
the group managing director of Zenith Bank Plc.
Emefiele was at the helm of
affairs when the country slipped into its worse recession in 29 years.
In 2015 when global oil prices began
to decline, there had been calls for the devaluation of the naira.
However, Buhari opposed the idea.
As CBN governor, Emefiele
introduced various interventions to ensure that the naira was kept stable.
These interventions included
introducing a list of items for whose import foreign exchange was made
unavailable.
That initial list of 41 items now
contains 43 items.
He also introduced an investors
and exporters window while directing banks to sell forex to customers over the
counter for basic travel allowance (BTA), medical and education bills.
With help from the Bankers
Committee, the apex bank also introduced financing initiatives for farmers and
small and medium enterprises.
If his nomination is approved by
the senate, Emefiele’s five-year tenure will end in 2024 after a new president
is elected in 2023.
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