Kano FX Market Celebrates Suspension of Emefiele

Bureau de Change operators in the Kano Forex Market have celebrated the suspension of former governor of Central Bank of Nigeria (CBN), Godwin Emefiele.

Emefiele whose tenure was renewed by former president Muhammadu Buhari, was suspended by President Bola Ahmed Tinubu.

The Kano FX marketers under the aegis of Al’amanat Bureau De Change Association commended the president for the decision describing it as “a welcome development.”

Chairman of the Association, Sani Dada, averred that they have been waiting for the moment for the CBN Boss to account for his actions.

“We have been waiting for the day to come. We all jubilant today hearing the announcement by Mr President of removing Godwin Emefiele as CBN Governor. Our people are very happy for appointing Folashodun Shonubi as the new acting CBN Governor. We know he is a man of integrity. He is the man that can do the job,” the chairman said.

Another BDC operator, Ammar Aliyu, advises the new acting CBN governor, saying: “I have two pieces of advice for him. First is to revive the exchange rate and harmonise black market rate and official rate to one price. When I say one price I mean BDC price, BTA price, and official price and black market price to be all the same. And the second advice is for the President or acting CBN Governor to bring back the BDCs.”

WikkiTimes reports that President Tinubu suspended Emefiele to allow for an ongoing investigation and planned reforms in the financial sector.

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The embattled former CBN boss had once been summoned by a federal high court over a $53 million judgement debt arising from the Paris Club refunds.

The Department of State Services (DSS), yesterday, confirmed the arrest of Emefiele after it had denied his arrest initially.

Security sources confided in the LEADERSHIP that the case against Emefiele “is a simple one since he has been in running battle with the DSS over some terrorism financing for some time now.”

“Some of the charges that may be brought against Emefiele include terrorism financing, fraudulent activities and involvement in economic crimes of national security dimension including mismanaging the CBN subsidiary, NISRAL and the central bank’s Anchor Borrowers Programme,” he source explained.

The DSS, according to the source, is accusing Emefiele of fraud, money laundering, round tripping and conferment of financial benefits to self and others.

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