Suspend Emefiele Immediately, Group Tells Buhari

The Integrity Youth Alliance on Saturday demanded the suspension of the Governor of the Central Bank of Nigeria, Godwin Emefiele, over the depreciating value of the Naira.

The group said the CBN governor should be suspended because he had disappointed Nigerians and plunged millions into poverty.

The Board Chairman of Integrity Youth Alliance, Comrade Adewole Kehinde, stated this in reaction to reports that the naira had depreciated further, exchanging at N710 against the dollar.

He said, "For how long will President Buhari and the National Assembly tolerate Godwin Emefiele's inefficiencies? For how long are Nigerians going to tolerate him? Can Naira continue to breathe under him?

“Even those who don't know about the economy now know that the Naira is in tatters under Emefiele's inept leadership. President Buhari must remove Emefiele from office because he has plunged millions into poverty and destitution. It’s time for him to step aside.

"It is instructive to note that when Emefiele took office as CBN Governor in 2014, the Naira exchanged for N164 to a dollar. Today, in the hands of Emefiele, the Naira has tumbled to nearly N710 to a dollar, putting the nation’s economy on its knees.

"Unfortunately, under Emefiele's leadership, the CBN has failed in its core mandate of managing the economy, instead blaming NNPC Limited with claims that do not reflect the harsh economic reality on the ground."

The CBN has in recent times come under criticism for failing to stabilize the Naira, which has continued to dip against major currencies.

However, the Naira hit an all-time low of N710 to the dollar earlier in the week, attracting criticism from the opposition.

The Naira has, however, remained stable at N420/$1 on the official market.