By Tony Obiechina, Abuja
Foremost Economist, Prof Uche Uwaleke says the suspension of Mr Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN), has long been foretold but the announcement caught not a few people by surprise.
President Bola Ahmed Tinubu on Friday approved the suspension of the CBN helmsman, directing Mr Folashodun Adebisi Shonubi, Deputy Governor, Operations Directorate, to take over in acting capacity.
But in a swift reaction to the development, Professor of Capital Market, Uche Uwaleke
said even though the President cannot sack the CBN Governor, “he can suspend which is what the President has done”.
Uwaleke recalled that former occupant of that exalted position, Mr Sanusi Lamido Sanusi, was equally suspended from office by the Jonathan administration, noting that “this suspension will mark an end to a turbulent era”.
The statement reads: “Godwin Emefiele will be remembered for implementing big ideas such as the Anchor Borrower Programme, the RT200, the eNaira 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”.Mr Folashodun Adebisi Shonubi, Acting CBN Governor