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Sunday, November 20, 2016

Reason Why Buhari Has Not Sacked Emefiele, CBN Governor

On the sidelines of a CBN Foreign Exchange (Forex) policy dialogue which held in Lagos recently, resource persons and prominent private sector stake-holders complained to Gozmo blog how the monetary policies of the CBN under Emefiele have eroded investor confidence, created uncertainty in the market and left the lot of the citizenry in dire straits.

Renowned economists like Bismarck Rewane and Ayo Teriba warned the CBN to stop rigging its own Forex market.
The CBN has been at pains to explain whether it's operating a float or a devaluation.

A few days after that Forex policy dialogue which had the Adviser to the CBN Governor, Emmanuel Ukeje in attendance however, CBN commissioned DSS (Department of State Services) personnel to raid Bureau De Change outlets in Lagos in a bid to force the value of the Naira to appreciate against the Dollar--proof that old habits die hard.

Most financial analysts have described the CBN commissioned DSS raid as primitive and draconian. The exchange rate has only worsened since the raids, with traders now hoarding Forex.
But if Emefiele and his CBN staff have learned anything from forcing the exchange rate, they are yet to show it.
Bankers spoken to for this story lament that the CBN under Emefiele has driven the economy under.
Emefielemustgo.com --a website opened by anonymous Bank executives, has since gone viral. Its main mission: to pile pressure on President Muhammadu Buhari to dispense with the services of Emefiele.

According to the website, Emefiele stopped influx of much needed Forex into Nigeria through Standard Chartered Bank, but allowed the same Forex into the country through Zenith Bank; Emefiele’s last workplace address; at a cheaper rate.
Standard Chartered was immediately sanctioned by the CBN Governor after the bank went ahead with another transaction without first calling to inform Emefiele.

Presidency sources have told Pulse that Buhari hasn’t axed Emefiele yet because he doesn’t want to create more panic and crisis in the market.
The President is also wary of sending the wrong signals to foreign investors by sacking his CBN Governor.
The President is also mindful that he has to go through the Senate to sack the CBN Governor, the source added.
Emefiele's term as CBN Governor will be up in 2019--the year Nigeria heads to the ballot to choose a President.
He was appointed to head the apex bank in June of 2014 by former Nigerian President, Goodluck Jonathan.

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