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Last updateVen, 30 Jan 2015 11am

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CBN Nigeria: Govt. moves to calm nerves over suspension of CBN Governor

Central Bank of Nigeria - The Nigerian government Thursday moved to calm nerves over the suspension of Malam Sanusi Lamido Sanusi as the Governor of the Central Bank of Nigeria (CBN), reassuring stakeholders in the Nigerian economy that the new changes would not affect the nation’s monetary policy.

'Rather, the changes are intended to re-engineer a strong and viable Nigerian economy,' according to a statement by the Presidential spokesman, Dr. Reuben Abati.

The government said that though there is no directive that the suspended CBN boss be arrested, given the convincing evidences against him, the Nigerian law would be allowed to take its course.

Giving details of the alleged financial infractions as reported by the Financial Reporting Council of Nigeria against the suspended Governor, Abatgi said there was no need for public anxiety as no new decision had been taken on the country's monetary policy.

'The monetary policy of the country remains the same and there is stability in the system and so investors in the Nigerian economy have no reason whatsoever to fear. That decision was taken only with regards to internal governance issue within the central bank. In the statement issues raised were very clear that there are issues of internal governance. Government remains committed to the stability of the economy, stability of the naira and stability of the country's monetary policies.

President Jonathan has since nominated the head of Nigeria’s leading private banking institution, Zenith bank, Mr. Godwin Emefiele, to the Senate for confirmation as the new CBN Governor, while the most senior Deputy Governor of the bank, Dr. Sarah Alade, is acting governor.

“The lady who has taken over in acting capacity has been long within the system and so everyone can remain assured that there will be stability and that the institution will remain very strong,' Abati said in a statement.

According to Abati, the suspension of Sanusi does not stop him from attending the ongoing investigations at the National Assembly, as part of the efforts by the present administration to ensure transparency and accountability in governance.

Pana 21/02/2014