Emefiele’s removal will stabilise capital, forex markets – expert


By Aluta News

June 10, 2023

A financial expert, Mr Okechukwu Unegbu, says the suspension of erstwhile governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, is a step in the right direction.

Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN) said this in an interview with the News Agency of Nigeria (NAN) on Saturday in Abuja.

According to him, the dust of Emefiele as CBN Governor will stabilise both the capital market and the foreign exchange market.

“Emefiele’s removal will impact positively on the capital market and the foreign exchange market, where he maintained multiple exchange rates.

“The multiple exchange rates had negative impact on the economy,” he said.

He accused Emefiele of refusal to accept wise counsel from experienced, former bankers.

“His undoing was that he ignored counsel of old and experienced bankers; he was so sure of his programmes and policies,” he said.

He, however, said that suspension did not mean that Emefiele had been sacked, adding that the president can only sack him through the National Assembly.

He added that his reported arrest by the Department of State Services (DSS) was shrouded in confusion,  as it is not clear why the  DSS  would  take  such action.

The News Agency of Nigeria (NAN) reports that President Bola Tinubu had, on Friday, suspended Emefiele as CBN governor.

The suspension was conveyed through a statement by Willie Bassey,
Director, Information Office of the Secretary to the Government of the Federation.

According to Bassey, the suspension is sequel to the ongoing investigation of Emefiele’s office and the planned reforms in the financial sector of the economy.

He said that Emefiele had been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr Folashodun Shonubi.