News reaching us just now confirms that the Central Bank Of Nigeria Governor, Mallam Sanusi Lamido Sanusi has been suspended by president Jonathan.The reasons for his suspension is still sketchy.We shall bring the full story later on this blog.Meanwhile Mrs. Sarah Alade, one the deputies in CBN has been approved to act in his stead.The CBN governor has been enmeshed in so many controversies since the beginning of his tenure in June 2009.During his tenure there were so many reforms in the banking sector which led to sweeping changes in the banking operations in the country.The tenure saw the reduction of numbers of banks in Nigeria and consequent massive job losses.In many quarters some believed that the coming of Sanusi saved the collapsing banking sector due to weak financial positions of many banks unknown to depositors.His tenure also led to establishment of Asset Management Corporation Of Nigeria (AMCON) which acquired the toxic assets of many banks.This action also helped to keep many banks afloat.There are those that believed that the governor has a penchant for using every occasion he attends either locally or internationally to expose some key monetary and economic matters kept under wraps.
The tenure of Sanusi for a period saw rapid increase in Foreign Reserve of the nation to about $48b at a point in 2013.However his resolve to continually defend the Naira against its recent steep loss of value has reduced the Foreign Reserve heavily to about $40b lately.
Lately the governor has been involved in the kerosine subsidy issue stemming from $20b not remitted into the federation account by Nigeria National Petroleum Corporation.The NNPC on its part had maintained that the money was not missing because it had been used to fund the operations of the subsidiary involved and to pay for kerosine subsidy.There has been allegations and counter allegations on this issue to the extent that National Assembly had to begin a probe.It is believed that the hard stance of the governor to continue to make certain revelations without the approval of presidency or consultation must have constantly embarrassed and piqued the presidency.
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