The President has nominated Godwin Emefiele, Managing Director of Zenith Bank, as Governor of Central Bank pending confirmation from The Senate. If approved, Emefiele will take over the reigns in June 2014 when the tenure of the ousted Sanusi Lamido ends. The President also nominated Adelabu Adebayo, currently the Executive Director of First Bank, as the Deputy Governor.
The legality of the President’s actions have been called into question on social media, with commentators arguing that by sacking Sanusi without senate approval is contrary to the CBN Act. The decision has also destabilized the market with the naira falling from 163 to 169 against the US dollar when the news was announced and the bond market closing.