UPDATE1: Senate confirms Emefiele’s reappointment as CBN Gov

A tenure of two halves

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The Senate has approved the renewal of the appointment of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).
The confirmation followed the adoption of the report of the Senate Committee on Banking, Insurance and other Financial Institutions on Thursday plenary.
With this development, Emefiele becomes the fourth governor of the apex bank since 1999 and the first to have his appointment renewed as CBN boss in the last two decades.
His predecessors are: Joseph Sanusi, who served from May 29, 1999 to May 29, 2004; Charles Soludo (May 29, 2004 to May 28, 2009) and Sanusi Lamido Sanusi (June 4, 2009 to June 2, 2014).
In a letter read on the floor of the Senate last Thursday, President Muhammadu Buhari had asked the Senate to confirm the reappointment of Emefiele as Governor of the apex bank for a second and final term of five years.
On Tuesday, Senate President Bukola Saraki referred the matter to the Committee on Banking, Insurance and other Financial Institutions.
He was screened by the panel on Wednesday.
Presenting his report on Thursday, Chairman of the committee, Rafiu Ibrahim (PDP, Kwara) said Emefiele performed creditably well in his first tenure as CBN Governor.
He commended Emefiele for the “maintenance of stable interest rate and effective management of our foreign exchange regime. He also initiated and established several policies and programmes which have positive effect on the economy”.

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