President Muhammadu Buhari has reiterated his trust in Godwin Emefiele, governor of the Central Bank of Nigeria (CBN).
In an interview with Bloomberg, the president said Emefiele is following an alternative economic model, which Nigeria should be free to adopt.
When asked if he was concerned about the debate around the central bank’s independence following the governor’s interest in running for president, Buhari said “CBN’s board of directors [is] to determine whether a CBN governor’s actions have fallen foul of the laws”.
“The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate,” he said.
“Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again,” Buhari added
“Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians.”