Analysts have described the executive’s proposed renewal of Godwin Emefiele’s tenure as Central Bank governor as a good step. They commend the governor’s first term performance saying he should be allowed to build on the successes of the country’s existing monetary policies.
Lara Afolayan reports that unconfirmed reports made the rounds on Wednesday afternoon that the president would write the senate to approve Mr Emefiele as Central Bank governor for a second time. It was eventually confirmed after the letter was read at the upper chamber.
But the news came as a surprise to many. This was because the position was believed to be highly contested with a few other candidates seen as Mr Emefiele’s possible successor.
Moreover the central bank does not have a history of its governors being nominated for a second termsince the country’s return to democracy in 1999.
The initial surprise that greeted the news now seems to have eased with economic watchers saying it is agood one.
The CBN’s monetary policy stance under Mr Emefiele is believed to have helped in exchange rate stability,reduction in inflation and even growth in the agricultural sector amongst others.
Although’s Emefiele’s nomination awaits legislative approval, he’s now being advised to keep up the tempo and build on monetary policy successes.
Mr Emefiele was appointed governor of the Central bank of Nigeria in June 2014. He was until that appointment managing director of Zenith bank Plc.