President Buhari Extends Emefiele's Tenure As CBN Governor
President Buhari discusses with Central Bank of Nigeria Governor Godwin Emefiele during the 4th Presidential Task Force meeting of ECOWAS on common currency for member states (photo: State House)

President Muhammadu Buhari has re-appointed the Governor of the Central Bank Of Nigeria (CBN), Godwin Emefiele.

The letter for his re-appointment was sent to the Senate on Wednesday and President of the Senate, Bukola Saraki, read the letter on the floor shortly before the plenary was adjourned.

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Emefiele, whose tenure expires on June 2, 2019, was first appointed by former President Goodluck Jonathan in 2014 and was retained after Buhari assumed office in 2015.

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

It is the first time since 1999, when Nigeria returned to democracy, that anyone would be nominated to serve two terms as CBN governor.

Before assuming the office of the CBN governor, the 57-year-old banker was the group managing director of Zenith Bank Plc.

Emefiele was at the helm of affairs when the country slipped into its worse recession in 29 years.

As CBN governor, Emefiele introduced various interventions to ensure that the naira was kept stable.

These interventions included introducing a list of items for whose import foreign exchange was made unavailable.

That initial list of 41 items now contains 43 items.

He also introduced an investors and exporters window while directing banks to sell forex to customers over the counter for basic travel allowance (BTA), medical and education bills.

With help from the Bankers Committee, the apex bank also introduced financing initiatives for farmers and small and medium enterprises.