Buhari extends CBN governor’s tenure

Nigeria’s President Muhammadu Buhari has nominated the governor of Central Bank of Nigeria Godwin Emefiele for another term.

Emefiele’s reappointment nomination letter was read by Senate President Abubakar Bukola Saraki, during Thursday plenary. Buhari, in the letter, urged the Senate to consider Emefiele’s reappointment having completed his first term in office.

The President’s request would be referred in the next legislative day to the Senate Committee on Banking, Insurance and Other Financial Institutions for legislative processing.

The committee is expected to investigate Emefiele’s credentials and other performance in office.

Emefiele was appointed by former Nigeria’s President Goodluck Jonathan in 2014 and his tenure is expected to end in June 2019.

Following the renewal of his appointment for the next five years, the CBN governor will have to balance fighting inflation and propping up the currency against pressure to boost an economy that’s expanding slower than emerging-market peers.