Naira Crisis: Emefiele Threatens Banks’ CEOs With Sack After Buhari’s Broadcast-Source

Godwin Emefiele, Nigeria’s Central bank Governor has met with all the chief executive officers and managing directors of all commercial banks in the country in Abuja.

Sources who witnessed the meeting said the Emefiele threatened the banks’ CEOs with sack if they fail to rein in some of their staff sabotaging the government’s efforts at resolving the naira scarcity across the country.

Emefiele disclosed that he met with the top commercial banks’ officials after the president’s broadcast today. He did not disclsoe the details.

The apex bank governor had met with President Buhari at least four times in the last few days as the government is trying to resolve the money crisis that has sparked violence across the country.

The magazine, however, understands that the meeting with the president and the commercial bank’s managing directors may not be unconnected with how to quickly address the currency crisis before it goes out of hand.

The meeting comes on the heels of President Muhammadu Buhari’s early Thursday morning national broadcast to Nigerians on his government’s efforts at addressing the shortage of the new naira notes across the country.

Buhari had in the broadcast blamed some unscrupulous commercial bank officials for frustrating the government’s efforts in dealing with the shortages.

Recall also that President Buhari has extended the expiration of the old N200 notes to April 10, stating that the N500 and N1000 are no longer legal tenders.

Sources who spoke with the magazine said the CBN governor read the riot act to the bank’s managing directors when they met, warning them that  banks officials caught working against the interest of the government henceforth will be dealt with accordingly.

“The CBN governor did not hide his feelings when he met with the CEOs this morning. He told them he was shocked with the way things are going despite CBN efforts in the last one week to alleviate the sufferings of Nigerians by releasing more new banknotes to the banks,” a source privy to the meeting said.

According to the source who pleaded anonymity because of the fact that he was not authorized to speak on the issue, Emefiele told the CEOs “to wake up to their duties or be sacked.”

“He warned them that they will be held responsible for the actions of their staff saying ‘the tea party is over’.

President Buhari during his broadcast said his government is “not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.

“​To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens  are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amount of currency; and ability to make deposits.

“​I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law,” Buhari said.