Ex-CBN director lauds Buhari for reappointing Emefiele

A former Director of the Budgetary Department of the CBN, Dr Titus Okunronmu, has commended President Muhammadu Buhari for re-appointing Mr Godwin Emefiele as governor of the apex bank.

Okunronmu gave the recommendation in an interview with the News Agency of Nigeria (NAN) at Ota in Ogun on Friday.

He described Emefiele’s re-appointment as a decision in the right direction, saying that the re-appointment would stabilise Nigeria’s macro-economic decisions.

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

ALSO READ: 2,000 UniAbuja students participate in financial literacy training

“He has achieved what is expected of him as the nation’s currency is now stable,’’ said Okunronmu.

“Monetary stability is a major issue in any economy. Emefiele has achieved this.’’

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

A letter for Emefiele’s tenure renewal was signed by Buhari on May 8 and has since been sent to the Senate for confirmation.

The CBN Act stipulates that the Senate must confirm the nomination of any of its governors before the appointment can take effect.

This is the first time since 1999 that a CBN governor would be nominated to serve a second term.

Emefiele was first appointed in 2014 by former President Goodluck Jonathan and was retained by Buhari when the president assumed office in 2015.