Central Bank of Nigeria (CBN) Governor Godwin Emefiele’s tenure expires in June. But there were rumours on Monday President Muhammadu Buhari had shown him the exit door – even though some persons from the opposition see the Delta native as a Buhari supporter who is constrained.
While a number of people, even from within the ruling All Progressives Congress (APC), have at some periods called for the removal of Emefiele, the Peoples Democratic Party (PDP) flagbearer in the last Presidential election, Atiku Abubakar, concurred that Emefiele deserved to be ejected.
Atiku made it clear he will sack Emefiele if elected president. Unfortunately for the Wazirin Adamawa, he did not win the election.
In an interview with Bloomberg in January in Nigeria’s commercial centre, Lagos, Atiku, 72, said of Emefiele: “I don’t think he’s pursued the right policies. We have to have the right people in there.
Atiku also said he’d make the change when Emefiele’s first term ends.
In a swift reaction, Emefiele said Atiku’s economic prescriptions will spell doom for Nigeria.
Under Emefiele, who was appointed CBN Governor in 2014, Nigeria has tightened capital controls and closely managed the naira’s value. The governor has consistently said this is the best way to curb inflation and boost manufacturing by discouraging imports. The country now has a system of multiple exchange rates, which several foreign investors have criticized.
Emefiele’s tenure in brief
Emefiele, 57, was appointed CBN Governor on June 3, 2014, by former President Goodluck Jonathan, following the unceremonious and controversial exit of Sanusi Lamido Sanusi.
Under Emefiele’s watch, the CBN has tightened capital controls to discourage importation, restricted importation to encourage local production and closely monitored the value of the Naira.