Senate confirms Emefiele’s reappointment as CBN Governor [UPDATED]


The Senate, Thursday, confirmed the reappointment of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN) for another term of five years.

DAILY POST recalls that President Muhammadu Buhari had on May 8, written to the National Assembly seeking the confirmation of Emefiele as CBN governor for a second term of five years, following the expiration of his tenure coming up in June.

The chairman, Senate committee on Banking, Insurance and other Financial Institutions, Sen Rafiu Ibrahim, was overwhelmed with the remarks made by Senators about the CBN governor when he appeared before the committee on Wednesday for screening.

“It is always difficult to get an endorsement from senators across the different regions of the country overwhelmingly. We will revert to plenary. You may take a bow and go,” Ibrahim had said.

Lawmakers at the screening exercise are: Sen Fatima Raji-Rasaki, Sen Philip Aduda, Sen Stella Odua, Sen Philip Gyunka, Sen Rafiu Ibrahim Adebayo, Sen Hope Uzodima, Sen Samuel Anyanwu, Sen Danjuma Goje, Sen Peter Nwabushi, Sen Shehu Sani, Sen John Enoh among others.

But the confirmation came Thursday after the submission of the report by the committee on Banking, Insurance and other financial institutions.

The committee said the nominee has over 32 years experience in the banking sector, and understands the different economic dynamics of the country.

Senator Chukwuka Utazi, who seconded the motion, said the report was well researched and urged the Senate to confirm Emefiele.

Senate President, Bukola Saraki, therefore put the confirmation to voice vote, and the reappointment was unanimously approved.

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Also, Saraki charged Emefiele to improve on the successes that led to his reappointment.

Emefiele, had during his screening, said, “We still have a lot to do in Nigeria. On the side of monetary policy, we will push to see we move the country forward.”

“The road ahead is rough and tough. I appeal to Nigerians to respect the policies and laws of the country.

“We have policies that are sound but implementation remain zero. How do we respect the later and the intend of these policies in growing our business?

“CBN will bring to book people and companies violating policies of the country.”

On the issue of multiple exchange rate, the CBN governor denied that there are multiple exchange rates.

He said, “There is nothing like that. When you talk about multiple exchange rate, you are talking about divergence. But the exchange rate is N360 to a dollar.

“We have multiple windows and we don’t have apology for that because the Nigerian banks have a responsibility to sell to their customers for businesses and for travel purposes.

“We allocate specific sums of money to banks for small scale business and those who want to travel. There is multiple windows, but no multiple exchange rate.

“As the president said, we should begin to produce what we eat. Our special programmes won’t stop on rice farming alone but we have move into palm oil production because in the 1960’s we exported palm oil.

“The price of a barrel of palm oil is expensive than that of crude oil now. We will grow that market again and move into cocoa. Small and medium enterprises are going to receive a boost to end restiveness.

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“In short possible time, you will see smiles in the faces of our youths that are creative to create jobs and employment opportunities.

” In my next tenure Cassava, Rice, Soya beans, palm trees farming are going to be prioritise within two years in every nook and cranny of Nigeria.”

Further, he added that with the projection of the world bank/ IMF, Nigeria will be the third largest in the world with a population of 450 million people by 2050, saying they are working hard to ensure that every rural community becomes a production centre.





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