President Bola Tinubu recently disclosed the reasons behind his decision to suspend and detain Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN). During a town hall meeting with Nigerians in Paris, France, held in conjunction with his visit for the New Global Financing Pact Summit, Tinubu highlighted the alarming state of Nigeria's financial system under Emefiele's leadership. He emphasized that many Nigerians residing abroad faced challenges in remitting funds through the banking sector, with the existence of multiple exchange rates exacerbating the situation.
Tinubu's suspension of Emefiele and subsequent order for an investigation into his office led to the CBN governor's arrest and transport from Lagos to Abuja, where he has since remained incommunicado under the custody of the Department of State Services.
According to Tinubu, the financial system during that period was plagued with corruption, as a few individuals exploited the system to amass wealth while neglecting their duty to support their less fortunate family members. However, Tinubu assured the audience that measures were being taken to address the situation, implying that Emefiele's case would be resolved appropriately.
