My Tenure Expires In June, CBN Governor Reacts To His Rumoured Removal

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has denied reports that he has been removed from office.

Mr Emefiele described the reports which made the rounds on some online platforms on Monday as concerning.

“I am confused and concerned about some stories going around. At least you can see me; I am doing my work, my tenure expires in June,” the CBN Governor said in Abuja on Tuesday, while promising that the apex bank will provide financial support for cotton producers at single-digit interest rates.

Also, the CBN boss announced foreign exchange restrictions on importers of textile materials with immediate effect as part of efforts to encourage the development of the country’s textile industry.

Mr Emefiele had been appointed as CBN governor in June 2014 by Goodluck Jonathan. Prior to his appointment, he was the Group Managing Director and Chief Executive Officer of Zenith Bank Plc.

On Monday, reports emerged that the Federal Government had asked him to proceed on leave, more than two months before the expiration of his five-year tenure.

Apart from dismissing the reports, Mr Emefiele is optimistic that the intervention programmes of Central Bank would continue with or without him.

He said, “The intervention programmes of the Central Bank of Nigeria has been on since 1978 and it has moved from one governor to another governor and I am very optimistic that even if another governor comes, no right-thinking person would abandon an initiative that is laudable and is meant to create jobs and is meant for the good of our country.”

Part of that intervention is the support for cotton farmers.

As part of efforts to encourage the development of the country’s textile industry, the CBN boss announced foreign exchange restrictions for importers of textile materials with immediate effect.

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