Mixed reactions trail Buhari’s reappointment of Emefiele as CBN governor
The reappointment of Emefiele as the CBN governor will be positive for Nigeria’s financial system, according to Kunle Ezun, Research Economist at Ecobank Nigeria.
The nomination of the current Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for another five-year term by President Muhammadu Buhari has been widely commended by some Nigerians. The move has, nevertheless, been criticised by others. If confirmed by the Senate, Emefiele will become the first governor of the CBN to serve a second term since 1993.
Among prominent commentators who have praised the nomination is Titus Okunronmu, former Director of Budgetary Department at the CBN, who told the News Agency of Nigeria that the nomination of Emefiele is a step in the right direction.
“The reappointment would stabilize Nigeria’s macro-economic decisions. Monetary stability is a major issue in any economy,” Okunronmu said. According to him, Emefiele has performed well as the CBN governor. Okunronmu added, “He has achieved what is expected of him as the nation’s currency is now stable and the country’s inflation rate is drastically coming down.”
The reappointment of Emefiele as the CBN governor will be positive for Nigeria’s financial system, according to Kunle Ezun, Research Economist at Ecobank Nigeria. “What I see that the central bank will continue to do is to be intervening in the market to keep the naira around N360/$ and hopefully, there would be the capacity to have a single exchange rate instead of the current multiple exchange rate regimes,” Ezun said. “I also expect to see more of Anchor Borrower’s Programme and intervention to the real sector.”
Some other commentators have criticised the president’s decision. For instance, Debo Ajayi, Chairman TAF Consulting Group, told Punch newspapers that he did not consider Emefiele to have performed well, describing the governor's actions as "confusing." According to Ajayi, Emefiele often veers into fiscal policy, which is the terrain of the executive arm of government, instead of focusing on monetary policies.
Emefiele was first appointed by former President Goodluck Jonathan in 2014 to succeed Sanusi Lamido Sanusi – now Emir of Kano. In the past five years, Emefiele has operated under a tough global economic environment as exemplified by the fall in oil prices.
A letter from President Buhari was transmitted to the Senate yesterday. The Senate, however, has not fixed a date to consider and approve the nomination. If and when Emefiele is confirmed as the next CBN Governor for a final five-year tenure, he will be the second CBN Governor to serve two terms in office after Alhaji Abdulkadir Ahmed who served as the apex bank’s governor from 1982 to 1993.
Prior to his appointment as the CBN Governor in 2014, Emefiele served as the Managing Director of Zenith Bank, one of the leading banks in the country.
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