‘Fumbling Emefiele’ No Longer Fit As CBN Governor – Tinubu Tells Buhari After Supreme Court Order On Naira Swap Deadline

The ruling All Progressives Congress (APC) presidential candidate, Bola Ahmed Tinubu, has called for the suspension of the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, following an order of the Supreme Court which temporarily barred the apex bank from demonetizing some old Naira notes by February 10, 2023.

Tinubu, who described Emefiele as a ‘fumbling governor’, said the apex court’s ruling has proven that he’s unfit to head the central bank.

The Supreme Court had barred the CBN from going ahead with its plan to discontinue the use of old ₦200, ₦500 and ₦1,000 by Friday.

The Supreme Court gave the order in an exparte application brought before it by the governors of Kaduna, Kogi, and Zamfara States.

The governors said the policy had created an “excruciating situation that is almost leading to anarchy in the land”.

Justice John Okoro, who led a seven-member panel of the court, granted the application, saying, “An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”

Reacting through the Director of Media and Publicity of his campaign council, Bayo Onanuga, Tinubu said the narrow window fixed for withdrawal of the old notes “is grossly unreasonable and is sheer madness.”

He described the order of the apex court as victory for ordinary Nigerians who are believed to be mostly affected by the cash crunch caused by the CBN’s naira redesign and cash swap policy.

The Nigerian people have won in the battle to make Godwin Emefiele and his CBN see reason that their 10 February swap deadline is grossly unreasonable and is sheer madness. And it is time for President Buhari to suspend this fumbling governor from office pic.twitter.com/bJRtHywVFo

— Bayo onanuga (@aonanuga1956) February 8, 2023

Tinubu further hailed the governors for instituting the suit against the CBN and Federal Government, saying “I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.

“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.

“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people.”