Godwin Emefiele, governor of the Central Bank of Nigeria, who for years poured out loans to the federal government above the allowed limit in violation of the law, oversaw a messy naira redesign that led to unprecedented suffering, and tried to run for president while still in office, was suspended from office Friday.

President Bola Tinubu removed Mr Emefiele to allow investigations into his tenure, according to a statement from the office of the secretary to the government of the federation.

“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy,” the statement said.

Reports Mr Emefiele was arrested on Friday was not confirmed. The State Security Service did not respond to inquiries on the matter.

– Controversial tenure

The suspension came two weeks after President Tinubu took office with a promise to reform Nigeria’s monetary policy, an indication the new president was dissatisfied with the performance of Mr Emefiele, who has completed nine years as the second-longest serving CBN governor, beaten only by Abdulkadir Ahmed, who served four governments between June 1982 and September 1993.

“Monetary policy needs thorough housecleaning,” Mr Tinubu said.

Mr Emefiele oversaw some of the most controversial monetary policies in the history of the bank, drawing criticisms from experts, including his predecessor and former members of the bank’s monetary policy committee. Doyin Salami, once a member of the MPC, accused him of turning the bank to the federal government’s “piggy bank.”


President Buhari and Mr Emefiele at President Tinubu’s inauguration dinner
While the law said the CBN should not provide loans to the federal government above 5% of the previous year’s actual revenue of the federal government, Mr Emefiele persistently pushed the limit. In eight years of the Buhari administration, he handed the government N23.7 trillion, 2900% above what he met. As the handouts stoked inflation, the central bank hiked interest rate frustrating many businesses.

Mr Emefiele’s tenure stood out for many controversial reasons. He banned cryptocurrency transactions in Nigerian banks, froze the accounts of citizens who protested against police brutality, and closed a news site that reported naira rates in the parallel market in a strange effort to fight the currency’s loss of value.

Two of his final acts as governor stood perhaps as the most condemned: Mr Emefiele’s attempt to run for president of Nigeria while still in office as the central bank governor, a move tolerated by President Muhammadu Buhari, and a deceptive currency redesign effort he led.

Months before the 2023 general elections and the end of the Buhari administration, he introduced the redesign of the naira, asking citizens to hand over old notes for new ones. Very little new notes were provided, and for months millions had no cash to buy food and water and pay fares. Then candidate Tinubu accused the bank of a deliberate attempt to frustrate his campaign.

– IT-focused career


Folashodun Shonubi is the acting governor of the CBN
Mr Emefiele’s removal appeared timed for the weekend to minimise any impact on the financial market.

The government’s statement said Mr Emefiele was directed to immediately hand over to the deputy governor (operations directorate), who will act as governor pending the conclusion of investigation and the reforms.

The new man is Folashodun Shonubi, appointed deputy governor in charge of operations in July 2018 to re
https://pluboard.com/2023/06/10/economy/the-cbn-man-replacing-suspended-emefiele-has-an-interesting-profile/

You hyped Buhari the same way, though it later clear you guys for eye

I wish all Nigerians can have a pound of flesh of him…

Foreverme5221:
You hyped Buhari the same way, though it later clear you guys for eye

WAS FORMER PRESIDENT Buhari THE SUBJECT MATTER IN THE PIECE?

This is what happen to your warped sense when you are too fixated on the past and personality that you hated with compulsion.

Clearly, you are not able to get the former president off your mind and soul.

What a pity!

YORUBA ADDAGE SAYS:

THE EYES THAT WILL LAST TILL OLD AGE.
.. IT IS FROM INFANT AGE YOU WILL KNOW..

TINUBU IS CLEARLY HEADED TOWARDS FAILURE... WHY.. HE IS A VICTIM OF SELF-INFLICTED ETHNIC BIGOTRY & RELIGIOUS....


THE MAJOR PEDIGREE AND QUALIFICATIONS OF THE NEW CBN GOVERNOR IS THAT HE IS A YORUBA MAN.

TRIBALISM IS HIS ONLY CREDENTIAL

TINUBU VOUCHED FOR, BUHARI IN 2015.

TINUBU & HIS BROWN ENVELOPE JOURNALISTS ALONG LAGOS-IBADAN AXIS & E+WARRIORS, HYPED BUHARI UPTO HEAVEN.

TINUBU SAID GENERAL BUHARI IS THE Messiah.
TINUBU WAS BUHARI'S GUARANTOR & COLLATERAL...BUT TODAY WE KNOW BETTER.