In an interview in Abuja, Unegbu stated that the suspension was a necessary step in the right direction.
Unegbu believes that Emefiele's removal will have a positive impact on the capital and foreign exchange markets, particularly due to the multiple exchange rates that were maintained under his leadership. He emphasised that these multiple exchange rates had a detrimental effect on the economy.
Furthermore, Unegbu accused Emefiele of disregarding the advice and wisdom of experienced former bankers. According to him, Emefiele's downfall was his failure to heed the counsel of seasoned professionals and his unwavering confidence in his own programs and policies.
However, it is important to note that the suspension does not imply that Emefiele has been sacked. Unegbu clarified that only the president, through the National Assembly, has the authority to dismiss him.
The suspension of Emefiele as CBN governor was announced by President Bola Tinubu on Friday. The decision was communicated through a statement issued by Willie Bassey, the Director of Information at the Office of the Secretary to the Government of the Federation.
Bassey stated that the suspension was a result of ongoing investigations into Emefiele's office and the planned reforms in the financial sector.
The development has sparked discussions and debates within the financial community, with stakeholders expressing differing opinions regarding the impact of Emefiele's suspension and the reforms that lie ahead. As the investigation progresses and the financial sector undergoes potential changes, the future of the CBN and its policies remains uncertain.
(NAN)