Naira Scarcity : Latest CBN News Today 11th June 2023: In the latest news from the Central Bank of Nigeria (CBN) on 11th June 2023, concerns have emerged regarding the scarcity of the naira, suspension of CBN Governor, Appointment of new CBN Governor, Naira Devaluation. President Tinubu has expressed apprehension regarding the redesign of the naira and its impact on its availability. The CBN’s announcement provides insights into the current state of the currency and its potential consequences for the economy. Stay tuned for further updates as this issue continues to develop.
Under Godwin Emefiele Naira sets 24-year new record, as Tinubu seeks solution
During the nine-year tenure of suspended Central Bank of Nigeria (CBN) governor Godwin Emefiele, the Nigerian Naira experienced its worst performance in history. The Naira’s official exchange rate against the US dollar depreciated by 204.83%, from N155 to N472.50, during Emefiele’s leadership. On the parallel market, the Naira suffered even more significant depreciation, reaching a closing rate of N765/$, reflecting a depreciation of 357.4%. Comparing the performance of the Naira under various CBN governors since 1999, Emefiele’s tenure saw the most severe decline. Nigerian President Bola Tinubu is hopeful that the new leadership at the CBN will bring a solution to the currency’s weakening.
CBN Governor: Prominent Nigerians Who Asked for Godwin Emefiele to Be Sacked and Why
President Bola Ahmed Tinubu has suspended Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN). Prior to the suspension, prominent individuals, including human rights activist Femi Falana, had called for Emefiele’s removal. Falana expressed concerns that Emefiele, being a member of the All Progressive Congress (APC) and showing interest in the 2023 presidential election, could not be trusted with sensitive electoral materials stored in the CBN vault. Falana emphasized the need to remove Emefiele from office, citing the significant power wielded by the CBN governor and the potential dangers associated with their involvement in politics.
4 Things CBN Gov Emefiele Did to Offend Tinubu, Nigerians, Prominent Govs
On Friday, June 9, President Bola Ahmed Tinubu issued an order for the immediate suspension of Godwin Emefiele as the governor of the Central Bank of Nigeria (CBN). The decision to suspend the CBN governor came after an investigation into the affairs of the apex bank and the planned reforms in the country’s financial sector.
Since Emefiele’s tenure as CBN governor was set to end in June, this move raises legal questions and comes as a surprise. In light of these developments, GoldenNewsNg has delved into some of the major reasons why Emefiele’s office was threatened during the new administration headed by Tinubu.
- Economic Downfall: Emefiele’s policy reforms and the operations of the apex bank faced criticism from Nigerians, including prominent governors and elites in the country. Since assuming office in 2014, Emefiele has faced criticisms for his management of the economy, his politics, and the controversial policies of the CBN. The decline of the Nigerian currency, the naira, which currently trades at over N750 per dollar in the parallel market and N469.50 per dollar at the spot market, has been a point of concern.
- Naira Redesign Policy: The introduction of the naira redesign policy by the CBN in the last quarter of 2022 triggered uncertainty and chaos across Nigeria. The policy, which included restrictions on cash withdrawals, led to protests and poor banking operations. During the election campaign, Tinubu claimed that these policies were designed to hinder his chances of winning the presidential election. The implementation of the naira redesign policy was suspended on March 13 due to the economic slowdown and cash scarcity it induced.
- Limited Circulation of New Naira Notes: The limited circulation of new Naira notes, along with the deadline to stop using old notes, caused frustration among Nigerians. The scarcity of both the old and new notes led to demands for Emefiele’s removal. Tinubu, the APC presidential candidate, advised the CBN to allow the co-existence of old and new Naira notes for 12 months to alleviate the situation. Prominent Nigerians and figures in civil society called for Emefiele’s arrest and prosecution due to the cash policies imposed by the CBN.
- Emefiele’s Partisan Involvement: Emefiele’s controversial entry into partisan politics, including his bid for the presidential ticket of the ruling All Progressive Congress, attracted widespread condemnation. Concerns were raised about his impartiality as CBN governor and the autonomy of the central bank.
These are some of the reasons behind the threats to Emefiele’s position as the CBN governor during the new administration led by Tinubu. The decision to suspend him comes as a surprising move, and its legality will likely be questioned.