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Godwin Emefiele Re-appointed As CBN Governor By President Buhari, Awaiting Senate Approval

Godwin Emefiele

The Central Bank governor, Mr. Godwin Emefiele, has been re-appointed by President Muhammadu Buhari for a second term in office as the governor of the apex bank in Nigeria.

We gathered that the letter for the tenure renewal was signed by president Buhari on Wednesday, and has now been sent to the senate for confirmation. And by the CBN Act, the senate must confirm the nomination before it can take effect.

Godwin Emefiele was appointed the 10th indigenous Central Bank Governor in 2014, by former president Goodluck Jonathan to replace Mallam Sanusi Lamido Sanusi. Emefiele was retained by Buhari when he came into office in 2015. This is the first time since Nigeria returned to democracy, in 1999, that anyone would be nominated to serve two terms as CBN chief.

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Prior to his assumption of office as the CBN governor, the 57-year-old banker was the group managing director of Zenith Bank Plc.

Godwin Emefiele Fact file As CBN Governor.

  • It was during his tenure that the call for the devaluation of the nation’s currency was made although the idea was opposed by President Buhari.
  • Mr. Emefiele was at the helm of affairs at the central bank when the country slipped into its worse recession in 29 years. Although, it pulled out technically from the economic upheaval the following year.
  • While still in office as CBN governor, Emefiele introduced several interventions to guarantee that the Naira was kept stable. These interventions included the introduction of a list of items (initially 41, now c43 items).
  • Emefiele also introduced an investors and exporters window (I&E window), while directing deposit money banks to sell forex to customers Over The Counter (OTC) for basic travel allowance (BTA), medical and education bills.
  • Finally, with support from the Bankers Committee, the apex bank also introduced other financing initiatives for farmers and Micro, Small and Medium Enterprises (MSMEs).

If his nomination is confirmed by the senate, Emefiele’s new 5-year tenure will end in year 2024 after a new president is elected in 2023.

CBN Governance

The Central Bank of Nigeria (CBN), is the apex monetary authority in Nigeria, established in 1958 by the CBN act and commenced operations on the 1 July, 1959.

The apex bank started operations 12 months after its establishment, with Roy Pentelow Fenton as the first governor of the bank. Aliyu Mai-Bornu was the first indigenous governor between 1963 and 1967.

The CBN governor is entitled to a 5-year tenure as stipulated in the CBN Act of 1958. The current CBN governor’s tenure elapses June, 2019.

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