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NIGERIA: Senate Approves The Reappointment Of CBN Governor

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NIGERIA: Central Bank Policy to Grow Economy Pays off

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele has made history as he has been appointed for a second term in office.

The Nigerian Senate at the plenary session today has confirmed President’s reappointment of Mr Emefiele, at the session the Senate said the letter sent by President Muhammadu Buhari confirmed the reappointment of the CBN Governor.

The 57-year-old banker is the first CBN Governor to be reappointed since 1999. He was first appointed into office in 2014 by former president Goodluck Jonathan and was retained when President Muhammadu Buhari came into office in 2015.

According to the report, the letter for his tenure elongation was sent to the Senate on by the Office of the President on Wednesday.

Feats In Stabilizing The Nation’s Economy

At the peak of the recession, the CBN governor, Mr Emefiele introduced various interventions to ensure that the naira was kept stable.

According to reports, some of these interventions include introducing a list of items for whose import, foreign exchange was made unavailable. The initial list of this was 41 items now, however, it now contains 43 items.

Mr Emefiele also introduced an investors and exporters window and directed all banks to sell forex to customers over the counter for basic travel allowance (BTA), medical and education bills.

Working with the Bankers Committee, the apex bank under Mr Emefiele also introduced financing initiatives for farmers and small and medium enterprises.

Under the leadership of the CBN Governor, the country has been able to tackle some of its economic challenges, which were the root cause of the recession in the year 2016, the CBN Governor Emefiele also supervised the economic and recovery growth process of the economy.

Under his leadership, the Nigerian economy grew by 2.38% in the last quarter of 2018, with the economy inflation rate dropping for the third consecutive month to 11.25%.

Mr Godwin Emefiele has taken tremendous strides in the opening of the I&E window and the stabilizing the country’s currency. Also, the stability of the exchange rate in recent months has seemingly improved foreign reserves, despite the slow inflow of foreign capital into the Nigerian economy.

About Mr Godwin Emefiele

Mr Emefiele has been on the management team of Zenith Bank Plc since inception, however, he was Deputy Managing Director of Zenith Bank Plc from 2001 till August 2010 when he was appointed Managing Director to succeed Jim Ovia.

Prior to his banking career, the CBN Governor was a lecturer at the University of Nigeria Nsukka and the University of Port Harcourt. He holds a B.Sc. and an MBA in Finance from the University of Nigeria, Nsukka.

The second term reappointment means the CBN Governor’s 5-year tenure will end in 2024 after a new president is elected into office in 2023.

Image Credit: Nairametrics

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