Senate confirms Emefiele as CBN governor for second term

Senate confirms Emefiele as CBN governor for second term

The Senate on Thursday confirmed Mr Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN) for a second term of five years.

Emefiele’s confirmation followed the adoption of the report of the Senate Committee on Banking, Insurance and other Financial Institutions presented by Senator Rafiu Adebayo during plenary.

Speaking shortly after the adoption of the report, the Senate President, Dr Bukola Saraki, urged the CBN governor to use his second term to improve Nigeria’s economy.

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

“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 micro-economic stability,” Senator Saraki added.

President Muhmmdu Buhari on May 8 transmitted Emefiele’s name to the Senate for a second term.

The Senate subsequently referred to its Committee on Banking, Insurance and other Financial Institutions, with the directive to report back within one week.

With his confirmation, Emefiele becomes the first appointed CBN governor to serve a second term since the country returned to civilian rule in 1999.

He was appointed by former President Goodluck Jonathan in 2014 and was retained after the President Buhari assumed office in 2015.