BREAKING: Godwin Emefiele to retain position as Central Bank of Nigeria governor.

CBN Governor, Mr. Godwin Emefiele
and President Buhari during recently meeting.

President Muhammadu Buhari has re-appointed Godwin Emefiele as governor of the Central Bank of Nigeria (CBN).

The President stated this in a letter addressed to the Nigerian Senate on Thursday for confirmation. 

By the CBN Act, the Nigerian parliament is saddled with the confirmation of any nominee for the position of the apex bank. 

What the CBN Act 2007 says about appointment of a Governor?

According to the Act, “The Governor and Deputy-Governors shall be persons of recognised financial experience and shall be appointed by the President subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointment.

“The Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for reappointment for another term not exceeding five years.”

By Aderemi Ojekunle.

Full story at Pulse NG.