Important Announcement: President Tinubu Takes Action Against Emefiele, the Governor of CBN – Discover the Reasons
President Tinubu has made a significant decision by suspending Godwin Emefiele from his role as the Governor of the Central Bank of Nigeria (CBN).
This action comes amidst an ongoing investigation into the activities of the CBN and planned reforms within Nigeria’s financial sector.
The suspension directive was communicated through a statement released by Willie Bassey, the Director of Information in the Office of the Secretary to the Government of the Federation.
In accordance with the President’s instructions, Emefiele has been asked to immediately transfer his responsibilities to the Deputy Governor (Operations Directorate), Folashodun Adebisi Shonubi.
Shonubi will assume the position of acting Governor of the Central Bank until the investigation concludes and the proposed reforms are implemented.
This development comes shortly after President Tinubu assumed office, marking less than two weeks into his presidency.
The decision follows months of criticism surrounding the CBN’s naira swap policy.
The previous administration, led by former President Muhammadu Buhari, introduced new banknotes to address issues such as vote-buying, insecurity, and inflation.
However, the sudden withdrawal of the old notes shortly before the elections resulted in a cash shortage and faced strong opposition from various stakeholders.
During his inauguration, President Tinubu emphasized his commitment to reviewing the naira swap policy.
He expressed concerns about its implementation and the negative impact it had on the general population.
President Tinubu advocated for the simultaneous circulation of both old and new notes to alleviate the hardships faced by Nigerians, considering the substantial number of unbanked individuals in the country.
President Tinubu’s decision to suspend Godwin Emefiele as the CBN Governor demonstrates his determination to address the issues within the financial sector.
He is dedicated to achieving transparency, accountability, and impactful reforms to enhance the Nigerian economy and benefit its citizens.