Thu. May 23rd, 2019

CBN reacts to reports of Emefiele’s removal

The Central Bank of Nigeria (CBN) on Monday has slammed reports that its governor, Godwin Emefiele had been relieved of his position.

This was disclosed by a spokesperson of the CBN, Isaac Okorafor during a media interview where he said, “It’s not true. Please disregard it. The CBN governor has not been sacked.”

 

The reports of the purported sacking of Emefiele were circulated online with two northerners alleged to be on line to replace him pending clearance by the Senate.

Section 8 of the CBN Act of 2007 says a CBN Governor can be removed by the President “provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed.”

Emefiele is also qualified for reappointment as the CBN Governor based on the discretion of the President and the approval of the National Assembly for a fresh tenure of five years.

Section 10 of the CBN Act prescribes that “the Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for re-appointment for another term not exceeding five years.”

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