A Professor of Finance and Capital Market, Uche Uwaleke has said the suspension of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Friday night by President Bola Ahmed Tinubu did not come as a surprise to many Nigerians.
In a chat with NIGERIAN ANCHOR, Uwaleke said Emefiele’s suspension marks an end to a turbulent era of Nigeria’s economy.
Emefiele had come under a barrage of criticisms following the implementation of the naira redesign policy by the Apex Bank.
In a swift reaction after his suspension yesterday, Emefiele was arrested by the Department of State Security (DSS), who had tried in vain to arrest him in the past and slammed with terrorism financing charges.
Uwaleke said: “The Suspension of Godwin Emefelie was long foretold. But, this announcement caught not a few by surprise.
“The President cannot sack the CBN Governor, but he can suspend, which is what the President Tinubu has done.
“Recall that Mr Sanusi Lamido Sanusi, was equally suspended from office by the Jonathan administration,” Uwaleke said.
In spite of the situation, the financial experts noted that during his tenure as CBN Governor, Emefiele was able to ensure the stability of Nigeria’s financial sector.
According to him, he will be remembered for implementing big ideas such as the Anchor Borrower Programme, the RT200, the e-Naira and a raft of interventions which helped to stimulate the economy during periods of economic recession.
“To be fair, Emefelie, to a large extent, succeeded in ensuring financial sector stability going by the prudential ratios.
“His forex demand management policies, especially the 41 items not qualified for forex, promoted import substitution, conserved external reserves and ensured relative stability in exchange rates. It would be unfair to blame him for the current high inflation rate since most of the causative factors are beyond the control of the CBN.
“On the flip side, he will also be remembered for the currency redesign exercise which didn’t go down well with Nigerians and the CBN Ways and Means which grew astronomically during his tenure.
“His greatest mis-step was his attempt to join the list of Presidential candidates.
“All said, I think he deserves some rest now,” Uwaleke said.
