A financial expert, Mr Okechukwu Unegbu, expressed his support for the suspension of the governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, stating that it is a step in the right direction. According to Unegbu, removing Emefiele from his position would have a positive impact on the capital market and the foreign exchange market, as Emefiele's maintenance of multiple exchange rates had a detrimental effect on the country's economy. Unegbu also accused Emefiele of disregarding wise counsel from experienced former bankers. In an interview with the News Agency of Nigeria (NAN), Unegbu, who is a past president of the Chattered Institute of Bankers of Nigeria (CIBN), emphasized that Emefiele's removal would address the negative consequences of the multiple exchange rates implemented under his leadership.
Unegbu further criticized Emefiele for failing to heed the advice of seasoned bankers, stating that his downfall was his confidence in his own programs and policies. However, Unegbu clarified that the suspension did not equate to Emefiele being terminated from his position, noting that only the president, through the National Assembly, has the power to dismiss him. Unegbu also expressed confusion regarding the reported arrest of Emefiele by the Department of State Services (DSS), as the reasons behind such action remain unclear.
The suspension of Emefiele as the CBN governor was announced by President Bola Tinubu on Friday. The statement conveying the suspension was released by Willie Bassey, the Director of Information Office of the Secretary to the Government of the Federation. Bassey explained that the suspension was a result of the ongoing investigation into Emefiele's office and the planned reforms in the financial sector of the economy. Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr Folashodun Shonubi.
