Nigeria: Central Bank governor arrested, after being suspended

The new president Bola Tinubu suspended the governor of the central bank - the CBN - on the night of Friday to Saturday, June 10. Godwin Emefiele, a close associate of former President Muhammadu Buhari, is blamed for the severe cash shortage that paralyzed the Nigerian economy earlier this year. A controversial monetary policy to replace all of the country's banknotes had led to this severe liquidity crisis. But this decision is criticized by the opposition.

The head of the Central Bank of Nigeria Godwin Emefiele was suspended from his post and arrested. (illustration image) © REUTERS/Afolabi Sotunde

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With our correspondent in Lagos, Liza Fabbian

After nine years at the helm of the Central Bank of Nigeria, Godwin Emefiele was suspended from his duties and arrested by the Nigerian security services. The Department of State Security confirmed Saturday afternoon that he was being held by its services.

A video posted on social media shows Godwin Emefiele getting inside a private jet, under the surveillance of men in suits, handcuffs in hand.

The government statement issued on Friday night said the CBN governor had been suspended from office following an ongoing investigation. Godwin Emefiele may have been extremely criticized, but this suspension raises legal questions.

The Labour Party accuses the new head of state of waging a personal "vendetta" against Godwin Emefiele – accused of disrupting the election campaign by replacing all Nigerian banknotes, ostensibly to combat vote-buying.

In 2014, the dismissal of Sanusi Lamido Sanusi, then governor of the Central Bank, by President Goodluck Jonathan, caused a scandal in Nigeria.

" READ ALSO – In Nigeria, the monetary reform leads to scenes of chaos in front of the banks

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  • Nigeria
  • Muhammadu Buhari
  • Bola Tinubu
  • Goodluck Jonathan