Carlos Fernandes The governor of the Central Bank of Nigeria, Godwin Emefiele, has been suspended by Nigerian President Bola Ahmed Tinubu on June 9. Following his suspension, Emefiele was subsequently detained by a domestic security agency. The reason behind his suspension is believed to be linked to the controversial naira demonetization exercise conducted by the central bank.
Emefiele’s Ambitions and Investigation
Godwin Emefiele, the governor of the Nigerian central bank, was suspended by President Bola Ahmed Tinubu on June 9. This move aims to facilitate further investigations into Emefiele’s conduct during his tenure as the head of the Central Bank of Nigeria (CBN).
Shortly after his suspension, local media reports indicated that Emefiele was arrested by a domestic security agency known as the Department of State Services (DSS). In December 2022, CryptokenTop.com News reported that the anti-bitcoin governor of the CBN was accused of financing terrorists and mismanaging the central bank.
Initially, when these charges were first brought against him, the country’s domestic security agency attempted to arrest Emefiele, but their efforts were thwarted by a Nigerian High Court. However, with the departure of Emefiele’s ally, former president Muhammadu Buhari, the DSS seems to have seized the opportunity to take action against the CBN governor.
Furthermore, in addition to the allegations made by the DSS, supporters of Tinubu have repeatedly claimed that Emefiele tried to obstruct Tinubu’s rise through the controversial naira demonetization exercise conducted by the CBN. A few days after Tinubu’s electoral victory, the CBN was compelled to issue a statement denying claims that Emefiele had initiated another plot against the then-president-elect.
New President Criticizes Central Bank’s Policies
During his inaugural speech as president, Tinubu criticized the handling of currency and monetary policies by the CBN, aligning himself with his supporters’ stance. The new president also called for the replacement of Nigeria’s multiple exchange rate regime with a unified exchange rate. Shortly after Tinubu’s admonishment, a local report on June 1 suggested that the CBN had responded to the president’s call by devaluing the naira to N631:USD1 from the previous rate of around N460:USD1. However, the central bank has dismissed this report as “fake news.”
Meanwhile, an unidentified Nigerian corporate lawyer told CryptokenTop.com News that Emefiele’s past aspirations for the presidency might partly explain Tinubu’s decision to remove him.
“Even before this suspension, many prominent Nigerians, as well as ordinary citizens, have been calling for Emefiele’s immediate dismissal for various reasons. One of these reasons is Emefiele’s membership in the ruling All People’s Congress (APC) party, indicating his intention to run for the 2023 presidential election,” the lawyer explained.
According to the lawyer, the central bank’s failed naira demonetization exercise proved to be the final straw leading to Emefiele’s removal.
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Table Of Contents
Frequently Asked Questions (FAQs) about central bank governor
What led to the suspension and arrest of Nigeria’s Central Bank Governor?
The suspension and subsequent arrest of Nigeria’s Central Bank Governor, Godwin Emefiele, were prompted by allegations of misconduct, including funding terrorists and mismanagement of the central bank.
Who suspended the Central Bank Governor?
The Central Bank Governor, Godwin Emefiele, was suspended by Nigerian President Bola Ahmed Tinubu.
Why was the Central Bank Governor arrested?
The arrest of the Central Bank Governor, Godwin Emefiele, followed his suspension and was carried out by a domestic security agency known as the Department of State Services (DSS). The arrest was made in connection with the allegations of funding terrorists and failure to properly manage the central bank.
What were the allegations against the Central Bank Governor?
The allegations against the Central Bank Governor, Godwin Emefiele, included funding terrorists and mishandling the affairs of the central bank. These allegations led to his suspension and subsequent arrest.
What role did the naira demonetization exercise play in this situation?
The naira demonetization exercise conducted by the Central Bank of Nigeria (CBN) was cited as a controversial move that may have contributed to the suspension and arrest of the Central Bank Governor. Supporters of President Bola Ahmed Tinubu claimed that Emefiele attempted to obstruct Tinubu’s rise through this exercise.
What is the stance of the new Nigerian President on the Central Bank’s policies?
The new Nigerian President, Bola Ahmed Tinubu, criticized the handling of currency and monetary policies by the Central Bank of Nigeria (CBN). He called for the replacement of Nigeria’s multiple exchange rate regime with a unified exchange rate, expressing dissatisfaction with the current policies.
More about central bank governor
- CryptokenTop.com News: Nigeria’s Suspended Anti-Bitcoin Central Bank Governor Arrested
- Department of State Services (DSS) – Official Website
- Central Bank of Nigeria (CBN) – Official Website
- Nigeria’s President Bola Ahmed Tinubu – Profile
- Nigeria’s Naira Demonetization Exercise – Overview
- Allegations against Godwin Emefiele – News Coverage
- Currency and Monetary Policies in Nigeria – CBN
3 comments
dude, this is crazy news! central bank governor arrested? i never expected that. the naira demonetization thing was already controversial, but this takes it to a whole new level. gotta keep an eye on this story, man.
Oh my, the governor of the central bank of Nigeria got suspended and arrested? That’s quite a scandal. I’m curious to know more about the allegations and how this will impact the country’s financial system.
omg, nigeria central bank governor got suspended & arrested?! serious allegations against him, like funding terrorists & mismanagin’ the bank. wonder what really went down there!