A university lecturer, Dr. Abayomi Awujola has commended President Bola Ahmed Tinubu for suspending the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Awujola said the action was in order and for the good of Nigeria’s economy.
Awujola, an Associate Professor, A Bingham University scholar and Head of the Department of Economics, said would ensure accountability, maintain public confidence, and safeguard the stability of the nation’s financial sector.
In an interview in Abuja on Tuesday, Awujola shared insights into the implications of the suspension and 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 that 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, but however emphasized the necessity 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 aim to enhance 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.
Regarding the governor’s potential compliance with superiors’ instructions, Awujola acknowledged that the CBN governor operates 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, promoting financial stability, and fostering economic growth.
