President Tinubu Suspends Emefiele As CBN Governor.
President Bola Tinubu has taken the decision to suspend Godwin Emefiele from his position as the Governor of the Central Bank of Nigeria (CBN). The suspension comes amidst an ongoing investigation into the activities of the CBN and planned reforms within the country’s financial sector.
According to a statement released by the Director of Information in the Office of the Secretary to the Government of the Federation, Willie Bassey, President Tinubu has directed Emefiele to immediately hand over his responsibilities to the Deputy Governor (Operations Directorate), Folashodun Adebisi Shonubi. Shonubi will serve as the acting Governor of the Central Bank until the conclusion of the investigation and the implementation of the proposed reforms.
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This development occurs less than two weeks after President Tinubu assumed office and follows months of criticism surrounding the CBN’s naira swap policy. The previous administration, led by former President Muhammadu Buhari, introduced new bank notes in an effort to address issues such as vote-buying, insecurity, and inflation. However, the sudden withdrawal of the old notes shortly before the elections led to a cash shortage and faced strong opposition from various stakeholders.
President Tinubu, as the presidential candidate of the ruling All Progressives Congress (APC) at the time, expressed concerns about the policy’s implementation and its adverse impact on the general population. He called for the coexistence of both old and new notes to minimize the hardships faced by Nigerians.
During his inauguration, President Tinubu reiterated his commitment to reviewing the naira swap policy, stating that it had been too harshly implemented, especially considering the significant number of unbanked individuals in Nigeria. He also affirmed that both currencies would be treated as legal tender by his administration in the interim.
President Tinubu’s suspension of Godwin Emefiele as CBN Governor reflects his determination to address the issues within the financial sector and ensure transparency, accountability, and effective reforms for the benefit of the Nigerian economy and its citizens.
