Home Economy Emiefiele May Resign Over Buhari’s Policy Direction

Emiefiele May Resign Over Buhari’s Policy Direction


Speculations are rife that the Central Bank of Nigeria (CBN) Governor, Godwin Emiefiele, may resign due to his reservations on some of the policies of President Muhammadu Buhari.

President Buhari and CBN Governor Godwin Emeifiele with a senior U.S government official in Wshington recently.

President Buhari and CBN Governor Godwin Emeifiele with a senior U.S government official in Washington recently.

Emiefiele is somewhat frustrated by the approach employed by the president in addressing fiscal and monetary issues.

A source said: “There are possibilities of Emefiele leaving the post because of the state of the economy. But the one that unsettles him the most is an order by the president to change the colour of Naira notes.”

Buhari’s directive is similar to the measures he adopted to curb corruption as the country’s military head of state between 1984 and 1985.

During that period, experts tagged Buhari’s policy as ‘Buharinomics.’ The policy was implemented to revive the banking industry and curb local currency hoarding.

At that time, the colour of the Naira notes were changed, and all holders of old notes were instructed to exchange them at banks within a limited period.

The president is said to favour the same approach this time around which does not sit well with Emiefiele who has been reluctant to implement the instruction.

The CBN Governor who was set to resign over the issue was reportedly persuaded by some prominent Nigerians to stay on as the apex bank boss.

Emefiele was said to have complained to close friends at a recent meeting over the Buhari’s government policy direction and hinted that he might resign soon.

Recall that recently, the CBN imposed sterner restrictions on access to foreign exchange in a bid to strengthen the Naira, which had been on a downward slide since the slump in global crude prices last year.

In his recent visit to france, President Buhari had expressed his disinterest in the devaluation of the Naira while speaking to television station, France 24.

Meanwhile, the CBN has raised an alarm over a new form of money laundering which the apex bank says must be curbed to save the country from international sanctions.



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