Senate confirms Emefiele’s reappointment

Nigerian Senate on Thursday confirmed the re-appointment of Central Bank of Nigeria’s Governor Godwin Emefiele.

“On behalf of the Senate, let me congratulate the Governor of the Central Bank, Mr. Godwin Emefiele on the renewal of his appointment, ” Senate President Bukola Saraki said during Thursday plenary.

“We wish him a useful tenure and may he use this opportunity to continue to provide support to ensure that the economy of our country continues to improve and address the important area of ensuring microeconomic stability,” he added.

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

Emefiele was first appointed by former Nigeria’s President Goodluck Jonathan in 2014 and his first 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.