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Friday, April 19, 2024

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Nigerian Central Bank Governor Detained By Police As The Country Faces Severe Dollar Shortages

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Police in Nigeria has detained the governor of the country’s Central Bank during an investigation. On Friday, Nigeria’s new president, Bola Tinubu, has suspended the governor, Godwin Emefiele, with immediate effect amid planned reforms in the financial sector.

Tinubu criticised Emefiele’s handling of the currency and monetary policy at his inauguration last week and called on the central bank to work towards a unified exchange rate. The President Tinubu criticised Mr Emefiele’s monetary policies and his handling of the Nigerian currency.

The government said in a statement: This is a sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

The Nigeria currency, the naira has weakened progressively under Mr Emefiele’s leadership. The country is facing severe dollar shortages, forcing many citizens and business to seek foreign exchange on the black market, where its naira currency has progressively weakened.

After suspension of the governor, the operations have been handed over to the bank’s deputy governor.

Financial markets were closed when the news of Emefiele’s suspension was announced. Markets will open on Tuesday after a public holiday on Monday.

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