Emefiele’s Suspension In Order- Varsity Don

A university lecturer, Dr Abayomi Awujola has thrown his weight behind the suspension of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele by President Bola Ahmed Tinubu, insisting that it was in order and for the good of Nigeria’s economy.

Awujola, an Associate Professor and Head of the Department of Economics at Bingham University said the move would ensure accountability, maintain public confidence, and safeguard the stability of the nation’s financial sector.

In an interview with journalists in Abuja on Tuesday, Awujola shared insights into the implications of the suspension even as he shed light on related matters.

Addressing the question of whether it was the right time for the governor’s suspension, Awujola said the need to rectify any wrongdoing promptly outweighs any other considerations, stressing the importance of taking swift action to address issues and restore integrity in the financial system.

When asked about the possible connection between the governor’s suspension and his involvement in the cash policy and the redesign of the Naira notes during the last elections, he acknowledged that cash policy is generally welcomed worldwide but questioned the timing and implementation process. 

He noted the possibility that the allegations or concerns related to the governor’s involvement in these actions, along with their negative impact on the economy, could have contributed to his suspension. He however emphasized the imperative of investigating such matters to ensure transparency and to maintain public trust.

Regarding the CBN’s action in the redesign of the Naira notes, Awujola highlighted that it falls within the central bank’s responsibility to manage the currency system. 

He further explained that currency redesign often aims at enhancing security features, durability, aesthetics, and anti-counterfeiting measures. “The decision to redesign the Naira notes is part of the central bank’s efforts to create a more secure and culturally reflective currency”, he stressed. 

Regarding the governor’s potential compliance with superiors’ instructions, Awujola acknowledged that the CBN governor operated within the central bank’s mandate and regulatory requirements, noting that while the governor may receive instructions or policy directives from government officials, he emphasized the need for actions to align with the central bank’s objectives of maintaining price stability, promote financial stability, and fostering economic growth.

On the impact of the Naira note redesign on the Nigerian economy, the don outlined several potential effects which include cost implications for the central bank, the potential enhancement of public confidence and trust in the currency, the need for a smooth transition period during the circulation of old an

Eighteen-Eleven Media