• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

What Nigeria may have bargained for with Emefiele’s reappointment

Bamidele Samuel Adesoji by Bamidele Samuel Adesoji
May 10, 2019
in Business News, Politics
What Nigeria may have bargained with Emefiele's reappointment
Share on FacebookShare on TwitterShare on Linkedin

Globally, central banks (CBs) are described as the supreme monetary authority and heartbeat of the economy, saddled with the responsibility of regulating financial and macroeconomic stability. The first central bank in the world is the Swedish National banks (Sveriges Riksbank), which was established in 1668.

Since inception, central banks have taken up the central task of formulating monetary policies and reforming banking sectors to boost financial conditions and reduce vulnerability.

Basically, the CBs adopt monetary policy instruments such as money supply and interest, targeted at price stability (inflation) and the reduction of unemployment in any economy. Unlike the U.S Federal Reserve which was established in 1913, the Central Bank of Nigeria (CBN) was established by the CBN Act of 1958 and swung into full operation on the 1st of July, 1959.

RelatedStories

CBN, forex

No recapitalisation deadline extension for BDCs, CBN says 

June 11, 2025
Emefiele: Forensic expert confirms to court how Buhari, Ex-SGF signatures were forged to withdraw $6.2 million from CBN 

Bank officials to testify as EFCC sues Ex-CBN Governor Emefiele over 753 housing units and N7.8 billion fraud 

May 31, 2025

CBN’s Governors and five-year tenure – Specifically, the regulatory objectives of the CBN include maintaining external reserves of the country, promoting monetary stability, sound financial environment, and acting as a banker of last resort and financial adviser to the Federal Government.

Since the establishment of CBN, a total of eleven (11) Governors have been at the helm of affairs of the institution. Note that each of the CBN Governors introduced their unique policy reforms and measures. However, apart from Alhaji Abdulkadir Ahmed, most of the other CBN Governors spent only 5 years (or less) single tenure in office.

The first CBN Governor was Roy Pentelow Fenton (1958 – 1963).  Other CBN Governors that came after him include:

  • Alhaji Aliyu Mai-Bornu (1963 – 1967)
  • Dr. Clement Nyong Isong (1972 – 1975)
  • Mallam Adamu Ciroma (1975 – 1977)
  • Mr. O. Ola. Vincent (1977 – 1982)
  • Alhaji Abdulkadir Ahmed (1982 – 1993)
  • Dr. Paul Agbai Ogwuma (1993-1999)
  • Chief (Dr.) Joseph Oladele Sanusi (1999 – 2004)
  • Prof. Chukwuma C. Soludo, (2004 – 2009)
  • Mallam Sanusi Lamido Sanusi, (2009 – 2014)
  • Mr. Godwin Emefiele, (2014 – To Date)

From Soludo to Emefiele, how the economy has performed –  The news about the reappointment of the current CBN Governor, Godwin Emefiele, has taken Nigerians by surprise, amidst earlier reports of his possible replacement with another potential candidate. While some Nigerians regarded the news as a good move from the Presidency, others are sceptical of Emefiele’s reappointment because they’re not quite impressed with his first tenure in office.

Note that this will be the first time in many decades that a CBN Governor will be returned to serve another five years.

As earlier stated, most CBN Governors in the past typically spent a single tenure of 5 years or less. This is why many people did not see Emefiele returning for a second term.

To join the debate, a cursory look at the performance of the most recent CBN Governors became extremely important.

Prof. Chukwuma C. Soludo (May 2004 – May 2009) – The most strategic reform under Soludo’s era as the CBN Governor was the banking sector reform in 2004. Upon assumption of office, Soludo pushed for the recapitalisation of commercial banks from a minimum capital base of N2bn to N25bn.

Analysis of the data obtained from the CBN shows that the Nigerian economy grew an average of 6.46% in 4 years under the era of Soludo. This shows that the Nigerian economy recorded accelerated growth under the Soludo’s era. Specifically, 4 years average inflation stood at 11.23%, while the exchange rate of the naira was an average of N126.30 per dollar for nearly 4 years.

Furthermore, the 4 years average of monetary policy rate (MPR) under Soludo was 11.87%, with an average lending rate of 19.29%.

However, the Soludo’s tenure ended with a reported Northern Oligarchy putting pressure on the then President Umaru Musa Yar’Adua to install someone from the North as CBN Governor. Sources confirmed then that the North complained of being deprived of CBN‘s exalted position. Consequently, Sanusi Lamido replaced Soludo.

HRH Sanusi Lamido Sanusi (2009 – 2014) – The former Governor inherited Soludo’s banking sector reforms and further rejigged the existing banking structure and entire financial system in the country. Some highlights of Lamido’s era are listed below:

  • The economy grew by a 4 year average of 6.05%
  • Inflation was on a 4 years average of 11.04%
  • Exchange in 4 years was an average of 154.74/$
  • 4 years average inflation stood at 9.44%
  • Highest MPC was 12%
  • Average 4 years MPC was 12%
  • Average 4 years lending rate was 9.44%
  • Savings rate 4 years average was 2.12

However, former President Goodluck Jonathan controversially sacked Sanusi and replaced him with the current CBN Governor, Godwin Emefiele.

Godwin Emefiele, (2014 – To Date) – By law, Emefiele’s appointment is meant to expire next month. However, the announcement of his reappointment makes it the first time a CBN Governor will be running two terms in office since the advent of Democracy in 1999. Earlier today, Nairametrics highlighted the positive and negative effects of Emefiele’s reappointment.

Below are the highlights of the performance of the Nigerian economy under Emefiele’s watch:

  • The economy grew at a 4 year average of 0.95%
  • Inflation was a 4 year average of 12.68%
  • The exchange rate was a 4 years average of 264.66/$
  • MPC was an average of 12.82%
  • Highest MPC was 14%
  • Savings rate was an average of 3.38%
  • Lending rate in 4 years average 12.82%

In the meantime, reactions have continued to trail Emefiele’s reappointment. Whether this is a good or bad move by the Presidency, the Nigerian economy might just get what it has bargained for.


Follow us for Breaking News and Market Intelligence.
Tags: CBNCBN GovernorCentral Bank of Nigeria CBNCharles Chukwuma SoludoGDP growthGodwin EmefieleOn the MoneySanusi Lamido SanusiThe Nigerian Economy
Bamidele Samuel Adesoji

Bamidele Samuel Adesoji

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

Related Posts

CBN, forex
Financial Services

No recapitalisation deadline extension for BDCs, CBN says 

June 11, 2025
Emefiele: Forensic expert confirms to court how Buhari, Ex-SGF signatures were forged to withdraw $6.2 million from CBN 
Financial Services

Bank officials to testify as EFCC sues Ex-CBN Governor Emefiele over 753 housing units and N7.8 billion fraud 

May 31, 2025
CBN, forex
Financial Services

Private sector credit rises to N77.9 trillion in April 2025 

May 30, 2025
Easy steps to build wealth through saving money in 2024
Economy

Money supply soars to N119 trillion amid CBN’s rate pause strategy 

May 29, 2025
CBN, forex
Financial Services

New CBN instruments target liquidity in Islamic finance 

May 27, 2025
Bank customers with CBN rise to 57 million in April 2023
Business News

Former aide admits no record of alleged $400,000 payment to ex-CBN Gov. Godwin Emefiele

May 27, 2025
Next Post
Honda HRV rear view

FG hints at low-interest car loan as Honda unveils made-in-Nigeria SUV

Comments 1

  1. Anodebenze says:
    May 16, 2019 at 5:00 pm

    I was not surprised by his reappointment of mr Emefielie.there was no creditable candidate for the governor of cbn.most Nigerian central banker were professional central banker by profession.who will you put in his job,now the nation was facing the biggest challenge for 50 yrs.Mr emefiele have acquired the experience now and skill to chart the Nigeria banking industry.
    some of the governor of cbn from north Nigeria were not professional banker, with the except of Sanusi,who was the managing director of first bank ,he was a retail banker by training, the other sanusi was a retail banker,Mr mai-bornu was a politician in the first republic,mallam ciroma was a journalist by training,mr ahmed was an accountant by training.Dr clement isong was an economist by training (a monetary economist)ola Vincent a hybid of economist and banking.professor soludu was an economist by training with inclination of applied economist

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 
  • Oracle co-founder Ellison becomes second richest man, adding $40 billion in 2 Days to reach $258 billion 
  • Dangote Refinery to begin distribution of petrol, diesel with free logistics nationwide

Follow us on social media:

Recent News

NUPENG threatens nationwide strike over violent attack on workers in Kaduna

E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 

June 15, 2025
Billionaire and Oracle co-founder, Larry Ellison

Oracle co-founder Ellison becomes second richest man, adding $40 billion in 2 Days to reach $258 billion 

June 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics