Nigeria: Emefiele out as Buhari shakes up the CBN?

Recent reports suggest that Central Bank of Nigeria (CBN) Governor Godwin Emefiele has been sacked by President Muhammadu Buhari. These reports have not yet been confirmed and we will continue to monitor the situation, however, early reports suggest that Emefiele might be replaced by either Ahmed Kuru (CEO/Managing Director of the Asset Management Corporation of Nigeria) or Aishah Ahmed (Deputy Governor of the CBN and Financial Systems Stability Directorate).

Both candidates on the current short-list are generally well regarded and would likely represent a positive market reaction, if these rumours prove to be true. There has been much speculation as to whether Emefiele, who has been governor since August 2015, would remain in his post following last week’s election...

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