Global site navigation

Local editions

President Tinubu Suspends CBN Governor, Godwin Emefiele, Orders Probe
Nigeria

President Tinubu Suspends CBN Governor, Godwin Emefiele, Orders Probe

by  Segun Adeyemi 2 min read
  • Godwin Emefiele has been suspended as the governor of the Central Bank of Nigeria (CBN)
  • The office of the Secretary to the Government of the Federation (SGF) on Friday, June 9 announced his suspension
  • As contained in the suspension notice, Emefiele was ordered to evacuate his office immediately

PAY ATTENTION: Join Legit.ng's Twitter Spaces to Embrace Equity in the Media Sector.

FCT, Abuja - President Bola Tinubu has suspended Godwin Emefiele as the governor of the Central Bank of Nigeria (CBN).

The office of the secretary to the government of the federation announced his suspension.

Tinubu, Emefiele
The announcement on the suspension of Godwin Emefiele as CBN governor was made on Friday, June 9. Photo Credit: Photo Credit: @officialABAT and @cenbank
Source: Facebook

Willie Bassey, director of information, SGF office, in a statement issued on Friday, June 9 noted that the suspension is with immediate effect.

The statement reads:

PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!

“President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect.

Read also

Emefiele spends 5th day in DSS custody, other things you should know

“This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
“Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.”

Godwin Emefiele: President Tinubu's feud with suspended CBN

In the 2023 general election build-up, Tinibu and Emefiele clashed over implementing the new naira redesign policy that led to currency scarcity.

Emefiele was greeted with criticism for implementing the policy from Tinubu, the ruling party, businessmen, economic analysts and many other top stakeholders in the financial sector.

Reacting to the development, Tinubu said:

“The currency swap was too harshly applied by the CBN given the number of unbanked Nigerians.
"The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender."

Read also

Fresh trouble for Emefiele as DSS seizes suspended CBN Gov's passport, plans home, office search

Godwin Emefiele: FG Explains Why President Tinubu Suspended CBN Governor

Meanwhile, the federal government clarified why Godwin Emefiele was suspended as the governor of the Central Bank of Nigeria.

A statement by the Ministry of Information revealed an ongoing investigation into Emefiele's activities.

In the statement, Emefiele was instructed to immediately vacate his seat and hand over the helm of affairs to the deputy CBN governor (Operations Directorate).

Source: Legit.ng

Authors:
Segun Adeyemi avatar

Segun Adeyemi (Current Affairs and Politics Editor) Segun Adeyemi is a journalist with over 9 years of experience as an active field reporter, editor, and editorial manager. He has had stints with Daily Trust newspaper, Daily Nigerian, and News Digest. He currently works as an editor for Legit.ng's current affairs and politics desk. He holds a degree in Mass Communication (Adekunle Ajasin University). He is a certified digital reporter by Reuters, AFP and the co-convener of the annual campus journalism awards. Email: segun.adeyemi@corp.legit.ng.

Tags:
Hot: