Emefiele’s Political Ambition Will Worsen CBN’s Credibility–Yusuf

The Chief Executive Officer of the Centre for the Promotion of Public Enterprises, Muda Yusuf, has advised the Central Bank of Nigeria Governor, Godwin Emefiele, to resign in order to protect the integrity of the apex bank.

The former Director General of the Lagos Chamber of Commerce and Industry believes that Emefiele’s political sojourn “has cast a dark cloud over the credibility, independence, neutrality and professionalism” of the CBN.

Yusuf made his position as the call for the resignation of Emefiele has reached new heights.

Emefiele had been criticised for alleged partisan role as an apex bank governor.

Emefiele has a presidential form in his name purchased under the All Progressives Congress. But he has disassociated himself from the donors.

Many cabinet member of President Muhammadu Buhari have presidential form in their names.

On Wednesday, Buhari ordered all ministers, heads of agencies, parastatals, ambassadors as well as other political appointees who desire to contest for offices to resign.

Yusuf said Emefiele as the CBN governor is ‘troubling’ and a ‘huge reputational risk to the CBN’ as well as the Nigerian economy.

The CBN governor when he assumed office in 2014 had set a target to achieve a single digit inflation and maintain a stable naira.

But the naira is trading at N590 per dollar at the unofficial market and N415 at the official window.

The CEO said, “There are also profound implications for the confidence of investors, both foreign or local.

“The Central Bank is an institution that needs to earn the trust of all stakeholders in the economy, irrespective of their political affiliation, creed, gender, religion, ethnicity or vocation.

“The economy is yet to recover from the shocks of the COVID-19 pandemic. The disparity in rates has created a paradise for forex brokers and currency speculators.

“The business of forex roundtripping is also flourishing. There is a liquidity crisis in the forex market on a scale never witnessed in a recent history.

“We cannot afford to worsen the current economic situation with a Central Bank that is entangled in the controversy of political partisanship.

“In the circumstances, the most respectable course of action for Central Bank Governor is to resign in order to preserve the integrity, credibility, independence, neutrality, and professionalism of the CBN.”