Emefiele’s Suspension As CBN Governor Not A Surprise – Yusuf

The Chief Executive Officer (CEO) of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf has said the suspension of Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN) should not come as a surprise.

Naija News reported that President Bola Ahmed Tinubu had on Friday evening suspended Emefiele from office with immediate effect.

The Director of Information in the Office of the Secretary to the Government of the Federation, Willie Bassey announced the development via a statement.

In an interview with Nairametrics, Yusuf said Emefiele’s suspension was not surprising because Tinubu’s administration is at variance with the policy disposition of the apex bank under Emefiele.

The CPPE boss said it would have been impractical to reform the apex bank and review some of its major policies with Emefiele remaining in the seat as governor.

Yusuf added that the brazen involvement of Emefiele in partisan politics was an aberration and most unbecoming, adding that it was damaging to the credibility of the CBN and the reputation of the former governor.

He said: “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.

“President Tinubu was very clear in his inaugural speech about his resentment of some current CBN policies such as the multiple exchange rate and the Naira redesign policy.”

Yusuf noted that the President had earlier hinted at a plan to “ clean house” at the CBN, citing that his plans for reforms would not have worked with Emefiele still in charge.

He said: “The president also hinted at a house cleaning plan for the CBN. It is impractical to reform the apex bank and review some of its major policies with Mr Emefiele remaining on the seat as governor.

“The truth is that there is a major compatibility issue. The parting of ways was inevitable.”