President Mohammadu Buhari has nominated Godwin Emefiele for a second term of five years as the governor of the country's regulatory bank, Senate President Bukola Saraki read the nomination letter in parliament on Thursday.
"The President of the Senate, Dr. Abubakar Bukola Saraki, has just read a letter from President Muhammadu Buhari, reappointing the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for a second term," the tweet read.
Emefiele was first appointed on June 3, 2014, by the then President Goodluck Jonathan to replace Lamido Sanusi, now Emir of Kano, who was suspended over his allegation that $20 billion was missing in the account of the state-run oil firm NNPC.
Emefiele reappointment was a surprise to the entire financial world who had predicted a change in the regulatory bank's leadership next month.
Also, his reappointment was a shift from the trend since the advent of democracy in 1999, as all CBN governors from Joseph Sanusi to Lamido Sanusi served only one term in office.
However, presidency sources said Emefiele was given a second chance because of his policy support to the present government.
His Anchor Borrower Scheme, which provides financial support for rice growers across the country and foreign exchange policy that has kept the naira stable after the initial crisis have endeared him to the president.
Largely, Emefiele management of the economy from the monetary policy perspective has been positive with inflation rate down from around 18.5 percent high to 11.25 percent in March and a relatively stable banking industry, some people are willing to give him a pass mark on his performance.
However, there are many economists and bankers who regarded his tenure as a period of locust in the apex bank life.
A senior banker once accused him of coming to destabilize and bastardise the foreign exchange market with his foreign exchange policy that encourages multiple exchange rates. He was also accused of not doing enough to strengthen the banking industry and instill sanity in the system.
If the Senate eventually confirm his appointment, his tenure will expire in June 2024, after a new president must have been elected as President Buhari tenure will expire by May 29, 2023.
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