Nigeria’s President, Bola Tinubu, has suspended Godwin Emefiele, the Governor of the Central Bank of Nigeria, effectively ending his controversial leadership style that relies on unorthodox policies. Tinubu’s decision follows recent criticism of Emefiele, specifically concerning Nigeria’s high-interest rates and disparate exchange rate systems. Emefiele was the first Governor of the Central Bank to be reappointed to a second five-year term, which was due to end next year. During his tenure, he aligned the bank with former President Muhammadu Buhari’s aggressive and interventionist approach, leading to accusations of favouritism. The bank also lent more than $50 billion to Buhari’s administration. Yet, the introduction of multiple exchange rate windows, opaque business practices, and scarce dollars forced many businesses and citizens to purchase dollars from the black market, where the exchange rate is 50% higher than the bank’s. Analysts have argued that Emefiele’s policies caused Nigeria’s currency, the naira, to drop considerably.
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