Pressure Mounts on Buhari to Sack Emefiele

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Pressure is already mounting on President Muhammadu Buhari’s administration to sack the Central Bank Governor, Mr. Godwin Emefiele in the new year.
His sin: inability to manage effectively critical issues of the economy particularly exchange rate issues.
There is the general belief among economic experts that the increasing weakening of the Naira in recent weeks was indicative of the failure of the CBN policy machinery, hence the governor has no business staying in office longer than necessary.
“It is time a new hand takes over the apex bank if the present management cannot arrest the free fall of the Naira,” a source had told National Daily.
The CBN governor has also come under hammer following a new foreign exchange regime introduced this week whereby domiciliary account cannot be operated strictly in hard currency any longer in a bid to arrest the dwindling fortunes of the local currency.
In addition to the policy failure, the CBN involvement in the arms purchase deal under the former President Goodluck Jonathan through the office of the then National Security
Adviser, NSA, Colonel SamboDasuki was another reason advanced for calling on the presidency to sack him in order to pave way for a thorough investigation by the Economic and Financial Crimes Commission, EFCC, into the transactions.
Another source within the presidency is quoted as saying that it amounts to gross negligence if he was aware of unorthodox cash movements as it happened in the case of the former NSA and he did nothing; keeping quiet until everything blew up like this is enough reason to ask him to go.

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