The suspended governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has been arrested by the Department of State Services (DSS).
Emefiele’s arrest comes barely a day after President, Bola Ahmed Tinubu, suspended him from office with immediate effect.
This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.
Godwin Emefiele has been picked up by the DSS.
— YabaLeftOnline (@yabaleftonline) June 10, 2023
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.
Tinubu criticised Emefiele’s handling of the currency and monetary policy at his inauguration last week and called on the central bank to work towards a unified exchange rate.
Financial markets were closed when the news of Emefiele’s suspension was announced. Markets will open on Tuesday after a public holiday on Monday.
Nigeria is facing severe dollar shortages, forcing many citizens and business to seek foreign exchange on the black market, where its naira currency has progressively weakened.
Emefiele has been selling dollars at various rates to individuals and businesses to manage the demand, mask pressure on the naira and conserve its dwindling reserves.
He has been adjusting the naira gradually on the official market to avoid a large devaluation. On Wednesday, the central bank allowed the naira to weaken by 2% on the official market to a record low.
Asaase Radio 99.5 broadcasts on radio via 99.5 in Accra, 98.5 in Kumasi, 99.7 in Tamale, 100.3 in Cape Coast and on our affiliates Bawku FM 101.5 in Bawku, Beats FM 99.9 in Bimbilla, Somua FM 89.9 in Gushegu, Stone City 90.7 in Ho, Mining City 89.5 in Tarkwa and Wale FM 106.9 in Walewale
Tune in to broadcasts online: www.asaaseradio.com, Sound Garden and TuneIn
Follow us on Twitter: @asaaseradio995
Live streaming on facebook.com/asaase99.5. Also on YouTube: Asaase Radio Official.
Join the conversation. Call: 020 000 9951 or 059 415 7777. Or WhatsApp: 020 000 0995.
#AsaaseRadio
#TheVoiceofOurLand
#SafeMotorway4All
