Former governor of the Central Bank of Nigeria, Godwin Emefiele, has resigned, the bank confirmed Friday.
The bank’s four deputy governors that served in the Buhari administration – Folashodun Shonubi, Aishah Ahmad, Edward Lametek Adamu, and Kingsley Obiora – have also resigned.
A spokesperson said acting governor Olayemi Cardoso, appointed by President Bola Tinubu last week, assumed office on Friday.
President Tinubu suspended Emefiele in June after questioning the central bank’s monetary and foreign exchange policies. He was later arrested and taken before a court, accused of fraud.
Emefiele was scheduled to complete his tenure in 2024. His nine-year tenure witnessed some of the most controversial monetary policies in Nigeria, some fuelling inflation and hardship.
Even while on suspension, Emefiele remained CBN governor under the CBN Act which says the president can only suspend but not singlehandedly remove the governor. A dismissal must be approved by two-thirds of the Senate.
Government sources had earlier said the former CBN chief resigned.
Monetary policy in limbo
The CBN on Thursday postponed its monetary policy meeting, apparently as its new leadership had not taken office.
The MPC meeting scheduled for Sept. 25-26, was postponed until further notice.
Cardoso is expected to take steps to respond to the naira’s record fall this week and Nigeria’s high inflation.
The naira has fallen more than 60% since the new government of President Bola Tinubu in June removed controls and allowed the currency trade more freely.
On Wednesday, the currency traded at 985 to the U.S. dollar on the black market, and at ₦770.7 on the official market.
Nigeria’s inflation rate jumped to a more than 18-year high on rising energy and food prices in August, with consumer prices climbing an annual 25.8% in August, compared with 24.1% the previous month.
Annual food inflation quickened to 29%. The increases led to expectations the CBN would increase its lending rate further to try to cool prices, as it has done eight consecutive times since last year.
The bank has lifted rates by 725 basis points since May 2022 to 18.75%.
Finance minister Olawale Edun has said Nigeria has to clear a $6.8 billion backlog of foreign exchange forward payments before the naira stabilizes.
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