- President Muhammadu Buhari re-appoints Godwin Emefiele as CBN governor.
- If confirmed by the Nigerian Senate, Godwin Emefiele, will continue as the CBN governor for another five-year term in office.
- As the head of the monetary authority, Emefiele and his team introduced policies to curtail the effect of drop in oil price on the Nigerian Naira and the economy.
- Business Insider SSA by Pulse check shows that this is the first time a Governor of the Central Bank will be returning for the position since 1999.
President Muhammadu Buhari has re-appointed Godwin Emefiele as governor of the Central Bank of Nigeria (CBN).
The President stated this in a letter addressed to the Nigerian Senate on Thursday for confirmation.
By the CBN Act, the Nigerian parliament is saddled with the confirmation of any nominee for the position of the apex bank.
What the CBN Act 2007 says about appointment of a Governor?
According to the Act, “The Governor and Deputy-Governors shall be persons of recognised financial experience and shall be appointed by the President subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointment.
“The Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for reappointment for another term not exceeding five years.”
Who is Godwin Emefiele?
Business Insider SSA by Pulse check shows that this is the first time a Governor of the Central Bank will be returning for the position since return to democracy in 1999.
Godwin Emefiele was first appointed by President Goodluck Jonathan in June 2014 and retained by President Muhammadu Buhari after a change of government in 2015.
He was former CEO and GMD of Zenith Bank Plc. Emefiele also served as Deputy Managing Director of Zenith Bank Plc. since 2001.
As the head of the monetary authority, Emefiele and his team introduced policies to curtail the effect of drop in oil price on the Nigerian Naira, fighting inflationary pressures and maintaining record-high interest rate.
Under his administration, the nation witnessed multiple exchange rates and periodically sustaining the forex exchange market with liquidity to ensure Naira is stable.
Godwin Emefiele-led CBN post election strategies
The Central Bank of Nigeria (CBN) projected that Nigerian economy will grow by 3% in 2019, higher than the 1.93% recorded in 2018 and sees inflation rising to 12% this year before moderating.
With post election agenda as:
- Inflation to rise slightly to 12% and then slope down
- Current tight policy to continue to tame rising inflation and stabilise price
- GDP is projected to rise to 3% for 2019 relatively to 1.9% in 2018
- Volatility in the crude oil market
- CBN to maintain a stable exchange rate stance given the high FX reserves
- Balance of payment is expected to maintain positive in the short term owing that oil prices recover
- Monetary and fiscal to put in place policies to support Agric sector vigorously
- CBN to ensure adequate support for producers of local products – especially items excluded in forex privileges.
If confirmed by the Nigerian Senate, Godwin Emefiele, will continue as the CBN governor for another five-year term in office.