The removal of Mr. Godwin Emefiele as governor of the Central Bank of Nigeria is not unexpected, according to Dr. Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE).
The suspension, according to Yusuf, demonstrated how “President Bola Tinubu’s administration is at variance with the policy disposition of the CBN under Emefiele.”
“The monetary and foreign exchange policy thrusts of President Tinubu’s administration are at variance with the policy disposition of the CBN under Emefiele,” Yusuf said to NAN on Friday in Lagos.
In his inaugural address, President Tinubu made it abundantly apparent that he disapproved of some current CBN practices, including the multiple exchange rate and the Naira redesign strategy.
“The president also alluded to a desire to clean house at the CBN.
“With Mr. Emefiele remaining in his position as governor, it is impractical to reform the apex bank and review some of its major policies,” he continued.
Yusuf thinks it makes sense to advise the CBN governor to continue on suspension.
“There is, in fact, a serious compatibility problem. It was inevitable that they would separate ways, he remarked.
He said that the CBN governor’s open participation in party politics was an anomaly and quite disgraceful.
He claimed it was detrimental to both the governor’s reputation and the CBN’s credibility.
Emefiele was immediately removed from his position by Tinubu on Friday.
Willie Bassey, Director of Information for the Office of the Secretary to the Government of the Federation, stated this in a statement.