‘Emefiele’s suspension long foretold, not a surprise’ ― Nigerians react

Following President Bola Tinubu‘s suspension of Central Bank Governor(CBN), Mr Godwin Emefiele, from office with immediate effect on Friday, Nigerians are saying that it was long foretold and not a surprise.

President Tinubu through the office of Secretary to the Government of the Federation (SGF), Sen. George Akume, announced the suspension of Emefiele in a statement on Friday in Abuja.

According to the statement obtained by GistReel, the suspension is sequel to the ongoing investigation of the CBN boss’s 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 CBN Governor, pending the conclusion of investigation and the reforms,” he said

Reacting to this, Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), says the suspension of Mr Godwin Emefiele as the CBN Governor is not a surprise.

Yusuf told NAN in Lagos that the suspension showed that “President Bola Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele.

“The monetary and foreign exchange policy thrusts of President Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele.

“President Tinubu was very clear in his inaugural speech about his resentment of some current CBN policies such as the multiple exchange rate and the Naira redesign policy.

According to Yusuf, it is therefore logical that the CBN governor be advised to proceed on suspension.

Also reacting is a financial expert, Prof. Uche Uwaleke, who said the suspension of Mr Godwin Emefiele was long foretold.

Uwaleke, a Professor of Finance and Capital Market at the Nasarawa State University, Keffi, said this on Friday in Abuja.

He said, “Recall that Mr Sanusi Lamido Sanusi was equally suspended from office by the Jonathan administration.

“This suspension will mark an end to a turbulent era.”

Uwaleke further said that Emefiele would be remembered for implementing big ideas such as the Anchor Borrower Programme, the RT200, the eNaira and a raft of interventions which helped to stimulate the economy during periods of economic recession.

 

“To be fair, Emefiele, to a large extent, succeeded in ensuring financial sector stability, going by the prudential ratios.

“His forex demand management policies, especially the 41 items not qualified for forex, promoted import substitution, conserved external reserves and ensured relative stability in exchange rates.

“It would be unfair to blame him for the current high inflation rate since most of the causative factors are beyond the control of the CBN,” Uwaleke said.