Central Bank of Nigeria (CBN) Governor Godwin Emefiele has been reappointed for a five-year tenure by President Muhammadu Buhari.
The news of his reappointment was broken when Senate President Bukola Saraki read a letter from the President Thursday, 26 days ahead of the expiration of Emefiele’s five-year tenure on June 2.
In the letter dated May 8, President Buhari said Emefiele’s reappointment followed the expiration of his first tenure and urged the upper chamber of the National Assembly to confirm the CBN boss for a fresh tenure.
The letter, read by Dr. Saraki on the floor of the Senate, was titled: “Renewal of the appointment of Godwin I. Emefiele as Governor of Central Bank of Nigeria.”
The letter reads: “In view of the expiration of the first tenure of the current Governor of the Central Bank of Nigeria on June 2, 2019, and pursuant to the provisions of Section 8 (1) and (2) of the Central Bank of Nigeria Act 2007, I hereby present for confirmation by the Senate Mr. Godwin I. Emefiele for re-appointment as Governor of the Central Bank of Nigeria for a final term of five (5) years.
“It is my hope that the Distinguished Senate will consider and confirm the nominee in the usual expeditious manner. Please accept, Mr. Senate President, the assurances of my highest consideration.”
No date has been fixed for the consideration and approval of the nomination.
Emefiele was appointed by former President Goodluck Jonathan on June 3, 2014, after Sarah Alade served out the tenure of former CBN governor Lamido Sanusi.
Sanusi, now the Emir of Kano, was suspended few months to the expiration of his tenure by the Dr. Goodluck Jonathan’s administration.
Since coming on board, Emefiele raised the key interest rate to a record high to contain price growth and bolster the naira, despite sluggish growth.
He implemented currency controls by restricting importers of about 42 locally-available items from assessing foreign exchange (FOREX).
Emefiele was also on the same page with the President by not succumbing to calls to devalue the naira.
The 57-year old banker has become the first CBN governor to get a tenure renewal since the country returned to democracy two decades ago.