UPDATED: Buhari returns Emefiele as CBN governor

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President Muhammadu Buhari has nominated Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele for a second term in office.

A letter for the tenure renewal was signed by Buhari on Wednesday and has been sent to the Senate for confirmation.

The president, in the letter, said Mr Emefiele’s first term will expire on June 2 and sought confirmation of his reappointment, pursuant to the provisions of Section 81(2) of the CBN Act 2007.

He said the CBN governor’s reappointment will be for a second and final tenure of five years.

Buhari said he hoped the request would receive the usual expeditious consideration of the Senate.

The CBN Act stipulates that the senate must confirm the nomination of any of its governor before it can take effect.

Should the Senate confirms his appointment, Emefiele would be the first CBN Governor to serve two terms since 1999.

Emefiele was first appointed in 2014 by former president Goodluck Jonathan and was retained by Buhari when he took office in 2015.

There was rumour in March 20019 that the President had asked the CBN governor to proceed on compulsory leave but it was dispelled by the Emefiele.

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