The Senate on Thursday, 16th May 2019 renewed Mr. Godwin Emefiele’s tenure as Governor of Nigeria’s Central Bank for a second term of five years. In a move that departed from a precedent laid since 1991, the former Chief Executive officer and Group Managing Director of Zenith Bank Plc will stay in office for a final five year term following Senate’s approval after adopting the report by its Committee on Banking Insurance and other Financial Institutions, which recommended same.
Under the Central Bank Act, 2007, some of the duties of the Governor include chairing the Bank’s Board, formulating the general policy and administration of the Bank, implementing the country’s exchange rate policy and the carrying out of activities necessary and expedient to achieving the Bank’s objectives.
Mr Godwin Emefiele is the 11th Governor of the Central Bank since it began operations on July 1, 1959.