Shonubi takes over CBN pending Emefiele’s replacement
President Bola Ahmed Tinubu, has suspended the Central Bank Governor, Dr Godwin Emefiele, from office with immediate effect.
Our correspondent reports that Folashodun Adebisi Shonubi, is next to the embattled Governor of CBN.
According to Director, Information, Secretary to the Government of the Federation of Willie Bassey, this is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
“Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms,” the statement partly read.
Recall during President Tinubu’s inaugural speech, he said the current 18.5 percent interest rate of the CBN is “too high”.
Tinubu said it needed to be adjusted downwards to encourage investment.
He described the interest rate as “anti-people” and “anti-business”.
“Monetary policy needs thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy,” Tinubu said.
“Interest rates need to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.”
