It is highly unlikely that the Central Bank of Nigeria, CBN governor who is due for retirement in June will be asked to continue.

According to sources, President Buhari has come under pressure from his political allies to replace Emefiele when his term ends in June.

Bloomberg reports that while Buhari has yet to make a final decision, he is considering replacing Emefiele, a southerner, with a northerner, according to two people, who asked not to be identified as the matter is private.

Emefiele would want a second term if he is offered it, one of the people said, but since the end of military rule in 1999 no Nigerian central bank governor has served more than one term.

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Emefiele sent a letter to Buhari informing him that his term ends in three months, according to one of the people.

Buhari replied, thanking Emefiele for his service, but without giving more details, the person said.

Emefiele succeeded Lamido Sanusi in 2014. He was appointed by former president Goodluck Jonathan, who Buhari beat in an election in 2015.

The two forged a strong relationship when Buhari came to power.

Emefiele’s moves to boost farmers by imposing import restrictions on agricultural products and to shore up the naira with capital controls found favour with Buhari.

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