CBN Boss, Emefiele May Resign Over Buhari’s Order To Change Colour Of Naira Notes

The possible resignation of the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, should not come as a surprise to Nigerians. A source on Wednesday said that the boss of the apex bank was getting tired of the approach of President Muhammadu Buhari to fiscal and monetary issues

 

“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,” our source said. Buhari’s directive is a reminder of his anti-corruption measures as military Head of State between 1884 and 1985.

 

‘Buharinomics’, as called, was stringently implemented to revive the slumbering banking industry and curb local currency hoarding. Buhari ordered that the colour of the Naira notes be changed, forcing all holders of old notes to exchange them at banks within a limited period

 

According to Daily Post, Emefiele who is said be very reluctant to implement Buhari’s instruction, almost tendered his resignation in the past few days but for the persuasion of some prominent Nigerians, including two Bank Chairmen.

 

It was learnt that Emefiele at a recent meeting with close friends in Abuja, the nation’s capital, hinted at his desire to hand in his resignation notice sooner than later. At the gathering, the former Zenith Bank Managing Director, complained that the Buhari-led government was yet to have a policy direction, adding that he needed an idea of what was in store to guide him in his stewardship.

 

You would recall that Emefiele’s fears was his disclosure at the CBN Monetary Policy Committee meeting that Nigeria’s economy could slip into recession within months. Emefieled told newsmen that Nigeria’s economy was weak due to country’s Gross Domestic Product Growth Rate, which recorded a slow growth in the second quarter of this year, the second consecutive less-than-expected performance for the current fiscal year.