Nigerians express little surprise over Emefiele's suspension, as it was expected
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Following President Bola Tinubu's immediate suspension of Central Bank Governor (CBN), Mr Godwin Emefiele, Nigerians are asserting that it was an anticipated event and not a surprise. President Tinubu, through the office of Secretary to the Government of the Federation (SGF), Sen. George Akume, made the announcement of Emefiele's suspension in a statement released in Abuja. The suspension is reportedly related to the ongoing investigation of the CBN governor's office and planned reforms in the financial sector. Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), stated that Emefiele's suspension was expected, indicating a policy disparity between President Tinubu's administration and the CBN under Emefiele. Yusuf cited President Tinubu's discontent with certain CBN policies such as the multiple exchange rate and the Naira redesign policy. Consequently, Yusuf deemed it logical for the CBN governor to be suspended. Financial expert Prof. Uche Uwaleke also commented on the suspension, stating that it was long anticipated, drawing a parallel with the suspension of Mr Sanusi Lamido Sanusi by the Jonathan administration. Uwaleke acknowledged Emefiele's implementation of significant initiatives like the Anchor Borrower Programme, RT200, eNaira, and various interventions that aided the economy during times of recession. He also acknowledged Emefiele's efforts in ensuring financial sector stability, forex demand management policies, and stability in exchange rates. Uwaleke emphasized that blaming Emefiele for the current high inflation rate would be unjust since many causative factors are beyond the CBN's control.