In a recent development, President Bola Ahmed Tinubu has taken the decision to suspend Mr. Godwin Emefiele, the Central Bank Governor, with immediate effect.
The suspension comes as part of an ongoing investigation into the affairs of the Central Bank and the planned reforms in the financial sector of the economy.
According to a statement released by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey, Mr. Emefiele has been instructed to hand over his responsibilities to the Deputy Governor (Operations Directorate), Folashodun Adebisi Shonubi. Shonubi will be acting as the Central Bank Governor until the investigation and reforms are concluded.
This development comes less than two weeks after President Tinubu assumed office and follows months of criticism surrounding the CBN's naira swap policy.
The previous government, led by former President Muhammadu Buhari, had introduced new banknotes last year in an effort to address issues such as vote-buying, insecurity, and inflation. However, the withdrawal of the old notes prior to the elections led to a cash crunch and drew widespread criticism, including from state governors.
During his presidential campaign, Tinubu himself expressed concerns about the implementation of the policy and called for the coexistence of both old and new notes. Now, as the newly inaugurated President, Tinubu has pledged to review the naira swap policy, stating that it was harshly applied and had negative consequences, particularly for the unbanked population.
The suspension of the Central Bank Governor is a significant move by President Tinubu, signaling his commitment to addressing the issues in the financial sector and ensuring a thorough investigation into the matter. The appointment of the Deputy Governor (Operations Directorate) as the acting Central Bank Governor will provide continuity in the leadership of the bank during this transitional period.
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