CBN Governor ‘Sacked’ By President Buhari

CBN Governor sacked by President Buhari is the latest news in Nigeria.

Newsone reports that Nigeria’s President Muhammadu Buhari has reportedly sacked Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN).

A report monitored on Intel region by Newsone Nigeria, says the President Muhammadu Buhari has sacked the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele in the early hours of Wednesday, May 25, 2022.

This online news platform understands that the CBN Governor sack may not be unconnected to his ambition to succeed President Buhari at the end of his tenure in 2023.

Naira struggles under Emefiele as CBN Governor

Newsone Nigeria reports that since CBN Governor Emefiele took office in March 2014 to date, the Naira official rate compared to the US Dollar has depreciated from N164 to N419 (or 61% weaker)

In the parallel market, the situation is even worse under CBN Governor Godwin Emefiele, whereby the Naira has weakened from $1/N180 to $1/605. This is a 70.5% depreciation of the Naira in 8 years.

CBN Governor’s Presidential ambition despite poor performance

Though Newsone believes that there is nothing wrong with being ambitious with a presidential dream, the CBN Governor, however, flouted so many laws by declaring his interest to occupy the highest seat of power in the West African country as a political appointee.

While many ministers who were appointed by the President tendered their resignation, Emefiele on the other hand, wanted to remain as CBN governor without resigning his position to pursue his ambition.

Howbeit, after a public outcry by well-meaning Nigerians who demanded his resignation, following the purchase of N100m presidential nomination form of the All Progressives Congress (APC), Nigeria’s ruling party, for the 2023 election by a group of faceless farmers and feigning ignorance of it, Emefiele would later approach a Federal High Court in Abuja, the nation’s capital to prevent Independent National Electoral Commission (INEC) and CBN board from disqualifying him from the presidential race.

Seeing that he was unable to get his wish from the Abuja Division of the High Court, CBN Governor Emefiele approached a Delta State High Court that eventually granted him his wish.

But the CBN Governor would later withdraw the suit he filed against INEC and the Attorney-General of the Federation, Abubakar Malami (SAN) without giving any reason for his decision, but his counsel, however, explained that the CBN Governor prayed the court to discontinue the suit and make an order striking it out.

Can President Buhari sack the CBN Governor? Here is what a Nigerian lawyer said…

Abdul Mahmud, a Nigerian lawyer, social critic, columnist, and human rights advocate, says President Buhari can sack the CBN Governor “only if the sack is supported by 2/3 majority of the Senate”.

Giving his opinion on the micro-blogging site, Twitter, Mahmud wrote: “Can the President sack the CBN Governor as this news report suggests? He can; BUT only IF the sack is SUPPORTED by 2/3 majority of the Senate. Power to sack CBN Governor doesn’t solely rest on the President. See Section 11(2) (c & f) CBN Act 2007.”