BREAKING NEWS: President Buhari Sacks CBN Governor

iexclusivenews reports that Nigeria’s President Muhammadu Buhari has reportedly sacked Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN).

A report monitored on Intel region by iexclusivenews Nigeria, says the President Muhammadu Buhari has sacked the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele in the early hours of Wednesday, May 25, 2022.

This online news outlet understands that the CBN Governor sack may not be unconnected to his ambition to succeed President Buhari at the end of his tenure in 2023.

The Naira has been struggling since CBN Governor Emefiele took office in March 2014, according to iexclusivenews Nigeria.

The official rate of the Naira against the US Dollar has fallen from N164 to N419 since Emefiele took office (or 61 percent weaker)

The situation is considerably worse in the parallel market under CBN Governor Godwin Emefiele, with the Naira falling from $1/N180 to $1/605. The Naira has lost 70.5 percent of its value in the last eight years.

CBN Governor’s Presidential ambition despite poor performance

Though iexclusivenews feels there is nothing wrong with having a presidential ambition, the CBN Governor broke numerous laws by expressing his desire to serve as a political appointee in the West African country’s top office.

[the_ad id=”33485″]

While many of the President’s ministers resigned, Emefiele insisted on staying on as CBN governor rather than leaving to pursue his ambition.

However, following a public outcry from well-intentioned Nigerians who demanded his resignation in the wake of a group of faceless farmers purchasing a N100 million presidential nomination form for the All Progressives Congress (APC), Nigeria’s ruling party, for the 2023 election and feigning ignorance of it, Emefiele would later approach a Federal High Court in Abuja, the nation’s capital, to prevent the Independent National Electoral Commission (INEC) and CBN

After failing to obtain his demand from the Abuja Division of the High Court, CBN Governor Emefiele turned to a Delta State High Court, which granted him his request.

[the_ad id=”41670″]

However, the CBN Governor later withdrew the suit he filed against INEC and the Attorney-General of the Federation, Abubakar Malami (SAN), without giving any reason for his decision; however, his counsel explained that the CBN Governor prayed the court to dismiss the suit and issue an order striking it out.

Can President Buhari fire the governor of the Central Bank of Nigeria? According to a Nigerian lawyer…

President Buhari can remove the CBN Governor “only if the sack is approved by a 2/3 majority of the Senate,” according to Abdul Mahmud, a Nigerian lawyer, social critic, columnist, and human rights champion.

Giving his opinion on the micro-blogging site, Twitter, Mahmud wrote: “Can the President sack the CBN Governor as this news report suggests? He can; BUT only IF the sack is SUPPORTED by 2/3 majority of the Senate. Power to sack CBN Governor doesn’t solely rest on the President. See Section 11(2) (c & f) CBN Act 2007.”