Nigeria Bonds, Naira Rally After Central Bank Governor Gets Second Term Nomination -Traders

Nigeria’s bonds rallied and the naira currency firmed on Friday after central bank governor Godwin Emefiele was nominated for a second term at the helm of the bank, traders said.

President Muhammadu Buhari has nominated Emefiele for another term, according to a letter read on the floor of the Senate on Thursday. The upper house of parliament is expected to confirm the nomination.

Emefiele was first appointed in 2014 by former president Goodluck Jonathan and was retained when Buhari came to office in 2015.

The letter for his tenure elongation was sent to the Senate on Wednesday.