Updated: Buhari nominates Emefiele as CBN governor for 2nd term

Updated: Buhari nominates Emefiele as CBN governor for 2nd term

- President Buhari has nominated Godwin Emefiele for a second term as CBN governor

- The president reportedly signed the renewal letter on Wednesday, May 9, and has now been sent to the Senate

- 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

President Muhammadu Buhari has nominated Godwin Emefiele for a second term as governor of the Central Bank of Nigeria (CBN).

Senate president Bukola Saraki has also confirmed receiving the letter for the renewal Emefiele's tenure from President Buhari.

The Cable reports that the letter for the tenure renewal was signed by Buhari on Wednesday, May 9, and has now been sent to the Senate.

By the CBN Act, the Senate must confirm the nomination before it can take effect.

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Emefiele, 57, was first appointed in 2014 by former president Goodluck Jonathan and was retained when Buhari came to office in 2015.

Since 1999 when Nigeria returned to democracy, this is the first time anyone would be nominated to serve two terms as CBN governor.

Before assuming the office of the CBN governor, Emefiele was the group managing director of Zenith Bank Plc.

As CBN governor, Emefiele introduced various interventions to ensure that the naira was kept stable.

The 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.

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; meaning that he will serve as CBN governor under three presidents.

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Meanwhile, Legit.ng previously reported that President Muhammadu Buhari on Wednesday, May 8, inaugurated the board of North East Development Commission.

The NEDC was established in 2017, after the bill establishing the commission was passed by the two legislative chambers.

Then, on October 25, 2017, President Muhammadu Buhari assented to the bill, then signing it into an Act.

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Source: Legit.ng

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