The governor of the Central Bank of Nigeria (CBN), Mr Godwin I. Emefiele, has been elected president of the Association of African Central Banks (AACB) for 2016/2017.

Emefiele was elected at the end of the 39th ordinary meeting of AACB governors held in Abuja, Nigeria’s capital. Twenty-seven members were in attendance.

To work with Emefiele are the governor of the Bank of Ghana as chairman of the West African sub-region; governor of the Central Bank of Mauritania, chairman of the North African sub-region; and the governor of the Bank of Central African States, chairman of the central African sub-region.

Also elected were the governor of Banque de la Republique du Burundi as chairman of the East African sub-region, and governor of the Central Bank of the Kingdom of Swaziland as chairman of the southern Africa sub-region.

Reading the communique at the end of the meeting of governors, the new AACB president disclosed that the nomination for the vice chairman of the AACB, which is zoned to the south African sub-region, would be made known in due course.

The assembly of governors emphasised the necessity for African countries to diversify their economies and improve exports, while limiting imports. They also urged African countries to strengthen efforts at implementing structural reforms in order to diversify their respective economies, improve the business environment and promote intra-regional trade as a way of strengthening their resilience amidst external shocks.


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