The Central Bank of Nigeria (CBN) governor Godwin Emefiele is set to become the first governor of the apex bank to serve a second term since Nigeria’s return to democratic rule in 2019.

Already, President Muhammadu Buhari has requested the Senate to confirm the CBN governor for another term of five years.

Emefiele had earlier confirmed his re-nomination at the Association of Assets Custodians of Nigeria (AACN) conference in London, on Thursday.

“You know the president believes he did quite a lot in the area of agriculture, particularly rice farming. And you also know that the CBN has been supporting farmers and entrepreneurs through various policies including the Anchor Borrower Programme.

“So the president believes having been a part of this arrangement and knowing the focus of the government, Emefiele should remain so that the feat achieved can be sustained and improved upon,” a source told Daily Trust last night.

Another source said the CBN governor seems to understand the body language of the president when it comes to defending the naira against devaluation.

“So he has earned the confidence of the president by toeing this line,” the source added.

However, some believe Emefiele was given the nod to do another five years at the apex bank because of the ‘good relationship’ he enjoys with people close to the president.

Many names have been mentioned as possible replacements to Emefiele before the president’s letter to the Senate.Dr Bongo Adi, a lecturer at the Lagos Business School, Lagos, said CBN under Emefiele has to reconsider its monetary policy positions.

He said the “CBN governor’s monetary policy hasn’t worked for this economy. Some people, including myself, think that he hasn’t done a wonderful job. So except he has rebirth in the second tenure, the economy will not be able to generate the level of growth that will account for our population increase.”