President Muhammadu Buhari has re-appointed Mr. Godwin Emefiele for a second five-year term as Governor of the Central Bank of Nigeria (CBN).
Senate President, Dr. Bukola Saraki, read a letter from President Buhari at the floor of the Senate on Thursday seeking parliamentary approval.
Emefiele was first appointed CBN governor in 2014, a year before Buhari became president. His first five-year tenure ends in June.
He presided over 15-month economic recession in 2016 during the global fall in oil prices, and has implemented policies to check rising inflation.
Emefiele’s reappointment has been described as one development that speaks to policy consistency.
It will further consolidate macroeconomic stability especially with respect to exchange rate and inflation.
Prof. Uche Uwaleke of the Nasarawa State University, Keffi, stated this while reacting to news that Emefiele’s name has been forwarded to Senate for confirmation again.
“Investors, both domestic and foreign, can have some degree of confidence in the direction of monetary policy which is positive for the capital market.
“One thing is now certain: that the interventions by the CBN in critical sectors of the economy especially agriculture and non-agric based SMEs will continue,” Uwaleke said.
According to him, that will rub off positively on economic recovery efforts, especially now that the CBN under Emefiele has signaled an accommodative monetary policy stance.
“It is equally positive for financial systems stability. So, I expect a positive reaction.
“Going forward, I would like to see an intensification and effective monitoring of the interventions, in particular, the Anchor Borrower programme.
“Emefiele should also focus on ensuring increased access to credit by SMEs and generally fostering a low-interest rate environment with the support of fiscal authorities,” the professor of Capital Market advised.