Congratulations to the Nigeria Central Bank Boss

ABUJA (Reuters) – Nigerian Central Bank Governor Godwin Emefiele was approved for a second five-year term in office on Thursday, when he won a unanimous vote of support in the Senate, parliament’s upper house.
During his first term, Emefiele, who has backed a strong local currency, pumped billions of dollars into the foreign exchange market to support the value of the naira.
President Muhammadu Buhari, whose office favours a strong naira, nominated Emefiele for a second term in a letter to the senate on May 9. His term was due to expire this month.

“The nominee has performed credibly in his first tenure which resulted in the exit of the nation out of economic recession,” the Senate’s committee report said in recommending approval for Emefiele’s nomination.
Emefiele also introduced a multiple exchange rate regime to try to mask pressure on the naira and avoid a series of devaluations, in a step that has kept liquidity tight in Africa’s biggest economy.

 

CULLED FROM:

 

http://www.msn.com/en-xl/africa/nigeria/nigerian-central-bank-head-emefiele-to-serve-second-five-year-term/ar-AABrRCD?ocid=spartanntp

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.