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UPDATE 1-Nigerian central bank head Emefiele to serve second five-year term

Published 16/05/2019, 13:03
UPDATE 1-Nigerian central bank head Emefiele to serve second five-year term

(Adds details, background)
ABUJA, May 16 (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.

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