A letter for the tenure renewal was signed by Buhari on Wednesday and has now been sent to the senate for confirmation.
The CBN Act stipulates that the senate must confirm the nomination of any of its governor before it can take effect.
This is the first time since 1999, when Nigeria returned to democracy, that anyone would be nominated to serve two terms as CBN governor.
Emefiele was first appointed in 2014 by former president Goodluck Jonathan and was retained by Buhari when he took office in 2015.
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