CEOAFRICA news desk gathered that the US President Obama will today, Wednesday, nominate Federal Reserve Vice-Chair Janet Yellen to be the next head of the US central bank.

This statement is in accordance with the White House Official declaration which purported that Ms Yellen would replace Ben Bernanke, who has held the post for eight years, if confirmed by the US Senate.

Ms Yellen has been Ben Bernanke deputy for the last two years, and would become the first woman to head the Federal Reserve.

Ms Yellen nomination however is said to have been widely expected and Democrats have expressed that she had the backing of politicians and would win Senate confirmation “by a wide margin.”