Here on this page will be talking about the current governor of the Central Bank of Nigeria, the Central Bank of Nigeria as an institution, it’s functions, and operations.
Just before I tell you who the current governor of Central Bank is, let’s take a look at the Central Bank as an institution.
Central Bank of Nigeria also known as cbn is Nigeria’s Apex monetary authority and Central Bank that was established in Nigeria with the backing of the CBN act of 1958 and this appex bank resumed operations on 1st of July 1959.
The bank was charged with regulatory functions in the CBN act to:
Promote monetary stability, to maintain Nigeria’s external reserves, to keep a balanced and sound financial economy, and to be the banker of last resort and most importantly the financial adviser of the Federal government.
The central bank’s role as the banker of last resort as custard a big damage due to that function because a Federal government always takes loan and currently has over 30 billion dollar loan which they don’t pay off the debt instead they accumulate.
Nigeria Central Bank keeps on giving loans and grants to the Federal government without return and due to mismanagement of funds and corruption, these loans are not put to good use or in two projects that will be beneficial to Nigeria’s economy they all go to a store are being used to purchase fleets of cars.
The Central Bank has done a lot for Nigeria especially after Nigerian civil war ended the bank helped with reallocation to supplement shortfalls in credit in the real sector, reconstruction and rehabilitation of the war struck areas.
It was at that time that Central Bank started giving out loans directly to individuals which opposed the idea of Central Bank because it originally worked with commercial banks directly.
Over government has used the Central Bank as its powerful financial machinery in carrying out some projects it has served as a tool in which the nation’s money is being built.
This affects bank has developed regulatory board securities equity centers and is introduced several treasury instruments into Nigeria’s capital market.
Central Bank of Nigeria has its headquarters located in the federal capital territory Abuja, Nigeria.
Having established the function of the Central Bank of Nigeria it is pertinent to review all the current governor of Central Bank. The governor of Central Bank of Nigeria in 2020 is Mr Godwin Emefiele. I was the former chief executive of zenith Bank PLC and that was before he accepted the appointment as the 11 cbn chief and 10th indigenous governor.
Mr Godwin had replaced the popular mallam Sanusi Lamido Sanusi who was later made emir of Kano. Sanusi’s tenure had elapsed on 1st of June and Mr Godwin took over, he is well-versed in the field of the financial institution as he has been in the banking industry for over 20 years.
No just been in the field he had held active and strategic positions for up to 18 years in the industry. Mr Godwin worked in the Treasury and financial controls and corporate banking before he became zenith bank’s managing director.
Mr. Godwin Emefiele had been a lecturer in the University of Port Harcourt finance and insurance department and he also taught in the University of Nigeria Nsukka which was his Alma mater where he earned his degree in finance for both BSC and MBA degree level.
Mr. Godwin Emefiele also studied executive education in Stanford University, Wharton’s Graduate School of business, and Harvard University.
As he stepped in as the new governor of CBN he made sure he maintained division which is too great a people-centered Apex bank for Nigeria we should deliver price and financial system stability while promoting sustainable economic development in Nigeria. By 16th May 2019, Mr. Godwin Emefiele got reappointed as the CBN’s governor.
And he would spend an extra 5 years in the office this is making history because no governor of Central Bank of Nigeria had spent two tenure in the office.
Mr. Godwin Emefiele has remained the governor of Central Bank since his appointment in 2014 after he noticed a current policy which led to the devaluation of Nigerian naira in the foreign exchange market that USA have been pumping billions of dollars into the foreign exchange he then introduced his counter policy which was the multiple exchange rate regime and this would reduce the pressure on Nigerian naira to prevent devaluations.
Mr. Godwin Emefiele has also held some other reputable positions in the financial industry, for instance, he was an ex-officio member in the international monetary fund board of directors since 2018. Also since 2018, he has been a member of the governing body of international Islamic liquidity management corporation.
This is a brief look into his personal life an biography and i hope this gives you a little insight on who he really s before becoming the governor of the central bank of Nigeria.
Mr. Godwin Emefiele it’s currently 58 years old and the Nigerian economist was born on the 4th of August 1961 in Lagos Nigeria.
Mr. Godwin attended his primary school education in a school in Victoria island and also Igbosere. He later graduated in 1973 and by 1978 proceeded to a secondary school in Ikeja when he obtained his WASC certificate.
He has destined for greatness and he earned his MBA degree as the best graduating student that studied finance in 1986.
Here are the past governors of Central Bank of Nigeria since independence
|Governor||Previous position||Term start||Term end|
|Roy Pentelow Fenton||24 July 1958||24 July 1963|
|Aliyu Mai-Bornu||Deputy Governor, CBN||25 July 1963||22 June 1967|
|Clement Nyong Isong||Advisor International Monetary Fund||15 August 1967||22 September 1975|
|Adamu Ciroma||24 September 1975||28 June 1977|
|Ola Vincent||Deputy Governor, CBN||28 June 1977||28 June 1982|
|Abdulkadir Ahmed||Deputy Governor, CBN||28 June 1982||30 September 1993|
|Paul Agbai Ogwuma||CEO, Union Bank of Nigeria||1 October 1993||29 May 1999|
|Joseph Oladele Sanusi||CEO First Bank of Nigeria||29 May 1999||29 May 2004|
|Charles Chukwuma Soludo||Chief Executive, National Planning Commission||29 May 2004||29 May 2009|
|Sanusi Lamido Aminu Sanusi||CEO, First Bank of Nigeria||3 June 2009||20 February 2014|
|Sarah Alade||Deputy Governor, Central Bank of Nigeria||20 February 2014||3 June 2014|
|Godwin Emefiele||Chief Executive Officer, Zenith Bank||3 June 2014||to date|