Scared Of Buharinomics? CBN Boss, Emefiele May Resign As Buhari Orders Change Of Naira Notes Colour

More facts have started gathering momentum to the possible resignation of the Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, as he was reported already getting tired of the approach of President Muhammadu Buhari to fiscal and monetary issues.

A source divulged to Daily Post on Wednesday that: “There are possibilities of Emefiele leaving the post because of the state of the economy. But the one that unsettles him the most is an order by the president to change the colour of Naira notes.”

Buhari’s directive is a reminder of his anti-corruption measures as military Head of State between 1884 and 1985.

‘Buharinomics’, as called, was stringently implemented to revive the slumbering banking industry and curb local currency hoarding.

Fola Adeola

Buhari ordered that the colour of the Naira notes be changed, forcing all holders of old notes to exchange them at banks within a limited period.

It was learnt that Emefiele, reluctant to implement Buhari’s instruction, almost tendered his resignation in the past few days but for the persuasion of some prominent Nigerians, including two Bank Chairmen.

Information gathered further shows that part of Emefiele’s fears was his disclosure at the CBN Monetary Policy Committee meeting that Nigeria’s economy could slip into recession within months.

But if it so happens that Emefiele quits the CBN, his replacement may be picked from one of the few names being touted as likely successor. He is Fola Adeola, pioneer Managing Director and current Chairman of Guaranty Trust Bank.