buhari reappoints emefiele cbn
CBN Governor, Godwin Emefiele

A former Director of the Budgetary Department of the Central Bank of Nigeria (CBN), Dr Titus Okunronmu, has commended President Muhammadu Buhari for re-appointing Godwin Emefiele as governor of the apex bank.

Concise News reports that Okunronmu gave the recommendation in an interview with NAN at Ota in Ogun state on Friday.

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He describes Emefiele’s re-appointment as a decision in the right direction, saying that the re-appointment would stabilise Nigeria’s macro-economic decisions.

The former CBN director says Emefiele has done well, noting that “the country’s inflation rate is drastically coming down.

“He has achieved what is expected of him as the nation’s currency is now stable,’’ says Okunronmu.

“Monetary stability is a major issue in any economy. Emefiele has achieved this.’’

Okunronmu says it would be difficult to achieve monetary stability in a situation where the nation was running on a deficit, noting that to have stabilised the monetary policies was a big achievement.

A letter for Emefiele’s tenure renewal was signed by Buhari on May 8 and has since been sent to the Senate for confirmation.

The CBN Act stipulates that the Senate must confirm the nomination of any of its governors before the appointment can take effect.

This is the first time since 1999 that a CBN governor would be nominated to serve a second term.

Emefiele was first appointed in 2014 by former President Goodluck Jonathan and was retained by Buhari when the president assumed office in 2015.