A Week in Nigeria: 9 March

In this week’s round-up: Central bank governor’s future is scrutinised, sex trafficking victims stranded in Russia and confusion after fire in oil pipeline area.

Central Bank Governor Godwin Emefiele has presided over a period in which Nigeria has maintained record high interest rates
  • It’s been relatively quiet after a hectic few weeks leading up to, and including, the presidential election. But the news never really stops. The future of the central bank governor came under scrutiny this week. We reported that Godwin Emefiele is likely to exit in June and would take leave from this month before stepping down at the end of his five-year term. No central bank governor has been given a second term, although it is still possible that Emefiele could buck that trend.
  • In our story we reported that several candidates have been touted to replace the incumbent. Among them is the head of Nigeria’s “bad bank” AMCON, Ahmed Kuru, who led the sale of the country’s nationalised banks, sources say. Aishah Ahmad, deputy governor of the apex bank is also in the running. Emefiele has kept interest rates at the record high of 14 percent for over two years to tighten liquidity and support the naira after a crisis forced the central bank to devalue the currency. Central bank governors in Nigeria typically go on a 3-month leave before the end of their tenures. The central bank declined to comment. Sources later said the Reuters story prompted questions about the top job within the corridors Bloomberg followed up on the Reuters story a day later. The angry reaction on Twitter from a presidential aide in response to Bloomberg’s follow-up to our story, a day later, hinted at tensions over the issue.



Nigeria bureau chief for Reuters. Ghanaian family, British accent. Ex-BBC, before that newspapers.

Love podcasts or audiobooks? Learn on the go with our new app.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store