President Bola Ahmed Tinubu has temporarily removed Godwin Emefiele from his position as the governor of the Central Bank of Nigeria (CBN).
The announcement was made by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation, in a statement released on Friday.
The decision to suspend Emefiele stems from an ongoing investigation into his office and the planned reforms in the country’s financial sector.
As a result, Emefiele has been instructed to hand over his responsibilities to the Deputy Governor (Operations Directorate),
Folashodun Adebisi Shonubi. Shonubi will serve as the acting Central Bank Governor until the investigation and reforms are concluded.
This development comes shortly after President Tinubu assumed office, less than two weeks ago.
It also follows the controversy surrounding the CBN’s naira swap, which received substantial criticism.
The previous government, led by former President Muhammadu Buhari, introduced new banknotes to combat issues such as vote-buying, insecurity, and inflation.
However, the withdrawal of the old notes before the implementation of the new ones caused a cash shortage, leading to widespread disapproval from prominent figures, including state governors.
Tinubu, who was a presidential candidate for the ruling All Progressives Congress (APC), expressed concerns about the disruptive implementation of the naira swap policy.
He emphasized the hardships faced by the general population, who were unable to access their money for essential obligations, particularly affecting the informal sector.
During his inauguration, President Tinubu made it clear that he intended to review the naira swap policy, citing its excessive impact on unbanked Nigerians.
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President Bola Ahmed Tinubu has suspended Godwin Emefiele from his role as the governor of the Central Bank of Nigeria (CBN).
The decision was announced by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation, in a statement released on Friday.
The suspension is a result of an ongoing investigation into Emefiele’s office and the planned reforms in Nigeria’s financial sector.
As a temporary measure, Emefiele has been instructed to hand over his responsibilities to Folashodun Adebisi Shonubi, the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor until the investigation and reforms are completed.
This development comes shortly after President Tinubu took office less than two weeks ago.
It follows the controversy surrounding the CBN’s naira swap, which faced significant criticism.
The previous government, led by former President Muhammadu Buhari, introduced new banknotes to address issues like vote-buying, insecurity, and inflation.
However, the withdrawal of the old notes before the new ones were fully implemented caused a cash shortage, leading to widespread disapproval from influential individuals, including state governors.
Tinubu, who was a presidential candidate for the ruling All Progressives Congress (APC), expressed concerns about the disruptive implementation of the naira swap policy.
He highlighted the hardships faced by the general population, particularly those in the informal sector, who were unable to access their hard-earned money for essential obligations.
President Tinubu emphasized his intention to review the naira swap policy during his inauguration, especially considering its impact on unbanked Nigerians.
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