Emefiele’s removal will stabilise capital, forex markets: Expert

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

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

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

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

He accused Mr Emefiele of refusing to accept wise counsel from experienced former bankers.

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

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

President Bola Tinubu had, on Friday, suspended Mr 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.

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


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