News just in say that President Bola Ahmed Tinubu has suspended the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The suspension is with immediate effect.
Reports say that Emefiele’s suspension as the CBN Governor is connected to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
Following the directive suspending him from office, Emefiele has been directed to hand over the affairs of the CBN to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.
During the run-up to the general elections, the CBN Governor announced a change in some denominations of the Naira notes.
According to him, the government needed to curb vote buying. He also stated that the currency is by policy, expected to change after a number of years and that the CBN needed to drive the cashless policy.
The nation was thrown into chaos. There was only a short window to visit the banks to swap the Naira notes.
Trailer loads of the money, stashes in warehouses became useless.
Many wealthy men began handing out bundles to staff and family.
Hoodlums, held sway, breaking into banks to voice their frustration.
Many wealthy politicians felt targeted. Analysts saw the move as laudable but ill-timed.
Soon after the elections, the government announced that both the old and new notes remain legal tender.
Curiously, the new notes have largely vanished from circulation.