Ex-CBN Director Lauds Buhari for Extending Emefiele’s Tenure

• Okunronmu says Emefiele’s re-appointment is a decision in the right direction.
• He becomes the first CBN governor to be renominated since 1999.

Dr Titus Okunronmu, a former Director of the Budgetary Department of the Central Bank of Nigeria (CBN) has lauded President Muhammadu Buhari for re-appointing Godwin Emefiele as governor of the apex bank.

In an interview with the News Agency of Nigeria (NAN) at Ota in Ogun on Friday, Okunronmu described Emefiele’s re-appointment as a decision in the right direction, saying that the re-appointment would stabilise Nigeria’s macro-economic decisions.

According to the former CBN director,  Emefiele had done well, noting that “the country’s inflation rate is drastically coming down.

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“He has achieved what is expected of him as the nation’s currency is now stable. Monetary stability is a major issue in any economy. Emefiele has achieved this,’’ Okunronmu said.

While noting that it would be difficult to achieve monetary stability in a situation where the nation was running on deficit, Okunronmu noted hat to have stabilised the monetary policies was a big achievement.

iDONSABI reports that a letter for Emefiele’s tenure renewal was signed by Buhari on May 8 and has since been sent to the senate for confirmation.

According to CBN Act, the Senate must confirm the nomination of any of its governors before the appointment can take effect.

If confirmed by the National Assembly, Emefiele becomes the first CBN governor since 1999 to be nominated to serve a second term.

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Emefiele, who was the group managing director of Zenith Bank Plc was first appointed in 2014 by former President Goodluck Jonathan and was retained by Buhari when the president assumed office in 2015.

As CBN governor, Emefiele introduced various interventions to ensure that the naira was kept stable after the country entered a recession.