Why CBN Gov Emefiele was suspended, President Tinubu reveals

President Bola Ahmed Tinubu on Friday, June 23, revealed a fresh position regarding the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Tinubu spoke during an interactive session with Nigerians resident in France and neighbouring European countries on the sidelines of the New Global Financing Pact Summit in the French capital, Paris.

CBN under Emefiele, Tinubu speaks

The president said the nation’s financial system under the suspended Emefiele was rotten, The Nation reported.

He said many Nigerians abroad were unable to send money to their relatives because of the multiple exchange rates, saying all that have become a thing of the past.

Tinubu speaking on the suspended CBN governor's ordeal, said, “Then the financial system was rotten. Few people making bags of our money and then you yourself, you stopped sending money home to our poor parents. Several windows… but that is gone now, is gone.

“The man is in the hands of authorities, something is being done about that, they will sort themselves out.”

President Bola Tinubu has been advised to stop the culture of appointing bankers as governors of the Central Bank of Nigeria (CBN), a long-standing practice in the apex bank.

Deji Adeyanju, a Nigerian activist, on Friday, June 23, gave the advice in a Twitter post while responding to the suggestion that Adesola Adeduntan, the current Chief Executive Officer (CEO) of First Bank Nigeria should take over the position of the CBN governor.

Adeyanju suggested that Nigeria should try appointing an economist with integrity and immense work experience with international organizations such as the International Monetary Fund (IMF), adding that the bankers are mere marketers who know nothing about the economy.