Dr Samuel Nzekwe, a financial expert, says the suspension of Central Bank governor, Godwin Emefiele, is expected and over due.
Nzekwe, a former president of Association of National Accountants of Nigeria (ANAN), made this known in an interview with the News Agency of Nigeria (NAN) on Sunday in Ota, Ogun State.
President Bola Tinubu on June 9 suspended Emefiele from office as the CBN governor following ongoing investigation of his office and reforms in the financial sector of the economy.
He described the suspension of Emefiele as a right step in the right direction to enable the new government to influence its policies.
“The decision of president Tinubu is welcome, as it would enable the federal government to make policies that drive the economy and pave way to proper investigation of alleged fraud leveled against him, ” he said.
According to him, the suspension is expected because of his involvement in cash policy and redesigned of Naira during the last elections, which virtually affected all facets of the economy.
“The redesign of Naira by the suspended CBN governor, Emefiele, crippled so many businesses and impacted adversely on the economy,” he said.
The ex-ANAN president noted that Emefiele overstepped his boundary while in office as governor of apex bank by implementing numerous fiscal policies rather than maintaining his core monetary policies.
Nzekwe explained that some Nigerians condemned the fiscal policies, such as the anchor borrowers programme, while some commended him.
He said that there were so many somersaulted policies in the last administration, especially double exchange rates.
He added that the policies of new government and the apex bank would help to drive sustainability of growth in the long run.
He said that one window exchange would help to stop round tripping, stabilised our currency and enhance nation’s foreign exchange.
Nzekwe noted that there were a lot of distortion in the economy as a result of wide exchange rate from the Bureau De Change (BDC).
Nzekwe, however, said that the double or multiple exchange rate had made benchmarking for transacting businesses difficult. (NAN)
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