Emefiele will be the first central bank governor to serve a second term since Nigeria returned to democratic rule in 1999 (PHILIP OJISUA)

Abuja (AFP) – Nigerian President Muhammadu Buhari has reappointed Godwin Emefiele for a second five-year term at the helm of the central bank of Africa’s biggest oil producer.

Senate President Bukola Saraki read a letter from Buhari at the floor of the senate on Thursday seeking parliamentary approval.

If the appointment is confirmed by the National Assembly, it will be the first time a governor of the Central Bank of Nigeria (CBN) will serve for a second term since the country returned to democratic rule in 1999.

Emefiele was first appointed CBN governor in 2014, a year before Buhari became president. Many thought he would be therefore replaced, since there are now new leaders in power.

Emefiele presided over 15-month economic recession in 2016 during the global fall in oil prices, and has maintained high interest rates to check rising inflation.

Disclaimer: Validity of the above story is for 7 Days from original date of publishing. Source: AFP.