CBN Gets New Governor,As Emefiele Is Suspended

By Frank Odinukaeze

Following the suspension of the substantive governor of the Central Bank Of Nigeria(CBN), Mr.Godwin Emefiele by President Bola Tinubu,the apex bank now has a new governor ,although on acting capacity.
He’s Mr. Folashodun Adebisi Shonubi, who has been serving as Deputy Governor, Operations Directorate at the apex bank

Shonubi will take over the running of the bank in the interim,as the substantive governor, Godwin Emefiele , is suspended and currently under investigation.

President Bola Tinubu, late evening of June 8, 2023, suspended Mr Emefiele from that office via a statement by the office of the Secretary to the Government of the Federation (SGF).

The press release signed, to the effect, on behalf of SGF George Akume, by his Director of Information, Willie Bassey, directed Emefiele to immediately hand over to Shonubi, who will “act as the Central Bank Governor, pending the conclusion of investigation and the reforms.”

The press release further explains that the action was in line with the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
The development, however, is coming less than two weeks after President Tinubu was sworn in as president , and months after the CBN’s heavily-criticized naira swap which almost paralyzed economy.

This development is not unexpected as it could be recaledl that former President Muhammadu Buhari’s government had introduced new bank notes late last year, with ‘infallible’ argument that it would help tackle vote-buying, insecurity and fight inflation among others, however it turned out to be an albatross.