This is the first time since 1999, when Nigeria returned to democracy, that anyone would be nominated to serve two terms as CBN governor.
Campusaga gathered that the letter for the tenure renewal was signed by Buhari on Wednesday and has now been sent to the Senate. By the CBN Act, the Senate must confirm the nomination before it can take effect.
Emefiele was first appointed in 2014 by former president Goodluck Jonathan and has found favour in Buhari’s administration from 2015 till date.
Emefiele introduced many interventions to save the country from the mess. These interventions included introducing a list of items for whose import foreign exchange was made unavailable. The initial list of 41 items now contains 43 items.
He also introduced investors and exporters window while directing banks to sell forex to customers over the counter for basic travel allowance (BTA), medical and education bills.
The apex bank under his watch also introduced financing initiatives for farmers and small and medium enterprises.
Emefiele’s five-year tenure will end in 2024 if his nomination is approved by the Senate. This will be after a new president is elected in 2023.