The Revenge
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Nigerian President suspends Central Bank governor and places him under house arrest for implementing “disastrous” monetary policies
President Bola Tinubu has suspended the Central Bank Nigeria (CBN) governor Godwin Emefiele after financial markets closed late Friday, with observers noting that it was revenge for almost scuttling Tinubu’s presidential ambition.
In a statement released by Willie Bassey, Director of Information at the office of the Secretary to the Government of the Federation(SGF). the embattled governor was suspended immediately.
This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
Tinubu blasted Emefiele’s handling of the currency and monetary policy at his inauguration last week and called on the central bank to work towards a unified exchange rate.
Nigeria is currently facing an acute shortage of United States Dollars (USD), forcing the CBN to sell dollars at various rates to individuals and businesses to manage the demand. On Wednesday, Emefiele allowed the Naira to weaken by 2% on the official market to a record low.
The Naira is currently valued at N760 to $1 on the black market against the official rate of N505 to $1.
After news broke of the CBN governor suspension, it was also reported that Emefiele had been arrested by the Department of State Security (DSS) and placed under house arrest for endangering national security.
The DSS had earlier accused the apex bank governor of financing terrorism after he expressed interest in running for the presidency under the banner of the ruling All Progressive Congress (APC) which drew the displeasure of Tinubu who was also seeking the APC nomination.
Emefiele then sought a court order after opposition from CBN management and the Independent National Electoral Commission (INEC) but dropped his presidential ambition when it became apparent that he would have to resign his appointment to contest.
In February, the DSS accused him of involvement in acts of terrorism financing and fraudulent activities of a national security dimension. An Abuja court restrained the DSS from arresting him and former President Muhammadu Buhari gave him military protection.
Weeks before the presidential elections held on February 25, Emefiele introduced a Naira redesign and cashless policy with the approval of Buhari with the aim of curtailing vote buying.
The policy drew controversy as the newly redesigned currency was in short supply causing hardship for majority of Nigerians. Tinubu who was said to have almost N900 billion in the old design currency notes had his supporters in the ruling party get a judicial order to prevent full implementation.
Emefiele has now 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 the investigation and the reforms.
He assumed office in 2014 after succeeding Lamido Sanusi, who was also suspended from office by President Goodluck Jonathan few months before the expiration of his tenure.
Akowe with reports from Lagos
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