L-R: Newly appointed Acting Central Bank of Nigeria Governor (CBN), Mr Folashodun Adebisi Shonubi, President Bola Ahmed Tinubu and the sacked CBN Governor, Mr Godwin Emefiele
By NewsBits
Finally, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, who attempted to run for president has been suspended from office by President Bola Ahmed Tinubu.
A statement from the Office of the Secretary to the Government of the Federation signed by the Director of Information, Willie Bassey, at the weekend said the President, Bola Tinubu, approved the suspension, which takes immediate effect.
The statement read: “President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect. This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms.”
The acting CBN Governor, Mr Folashodun Adebisi Shonubi, until his new appointment was the Deputy Governor of the CBN in charge of Operations Directorate. Unconfirmed reports said that shortly after his suspension, Emefiele, who has been under close watch by security operatives since the currency redesign crisis, was immediately arrested and whisked away by security operatives. But the DSS has refused to deny or confirm his arrest.
Emefiele’s suspension is coming barely a fortnight ago after Tinubu directed the CBN to do something about bridging the gap between the official and black-market foreign exchange rates, which has been in existence since 2015. Emefiele superintended over one the most controversial currency redesign and reissue schemes approved by former President Muhammadu Buhari.
The scheme approved the introduction of new N200, N500 and N1000 bank notes late last year few months to the February elections, ostensibly to help tackle the problem of vote-buying, insecurity, and fight inflation. But some observers said the arrangement was indirectly targeted at frustrating the incumbent President Tinubu, the then presidential candidate of the ruling All Progressives Congress (APC).
However, in the run up to the general elections, the country was almost shutdown, as the scarcity of the new notes almost brought the entire economy to its knees, resulting in widespread criticisms of the monetary policy. In the midst of the crisis, news of Emafiele running for president as well took over the news waves across the country with hundreds of fully branded cars with his presidential ambition making the rounds.
Some state governors, namely those from Kaduna, Kano and Katsina went to court to get the Supreme Court to compel Emefiele and the CBN to reverse the policy till further notice. But Emefiele who had the full backing of the outgone president Buhari was rampaging as if Nigeria is a banana republic.
