Sanusi Suspension: Naira Records Worst 24 Hour Dip In 15 Years – Awoyemi

Channels Television  
Updated February 21, 2014
Femi Awoyemi

The CEO of Proshare Nigeria, Femi Awoyemi, on Friday disclosed that the Naira experienced its worst 24 hour dip in the past 15 years as a result of the sudden suspension of the Central Bank Governor, Lamido Sanusi, by the President of the nation, Goodluck Jonathan.

“The Naira has fallen far lower than it has in 15 years, in one single day. That’s to tell you that this action has huge consequences,” he said.

Speaking on Sunrise Daily, Awoyemi linked the suspension, which he says “defies deep reasoning,”  to the on-going investigation into the NNPC’s activities, which started as a result of Sanusi’s whistle blowing.

“If it is the case of the timing, this is a poorly timed decision,” he said.

Also, Awoyemi stressed that “the focus on the person as against the institution was also rather very damaging.” “The CBN Governors’ role is far beyond what the individual, Lamido Sanusi is, so we must separate the two.”

He argued that “Lamido Sanusi, at the risk of contradiction, tends towards being a propagandist in terms of his vision as a solutions provider who chooses to want to take a definite stand in terms of how the role of Central Bank in the economy is ordered.”

Although some analysts have said that the suspension was expected as the CBN governor was supposedly working against the Goodluck Jonathan administration but Awoyemi opined that; “If the CBN governor was going to step down in March but the government needed to teach him a lesson, I think this is a very expensive lesson.”

On Sanusi’s intentions to challenge the Federal Government in court, Awoyemi said: “I think it would be a welcome development to see how that will go.”

“If the Central Bank governor is found to have done something wrong or has been discovered to do something wrong, what does the government do?”

He further described the suspension as shocking. “I cannot recall anywhere between section 5 and section 11 that gives a provision for suspension. I’m sure they would have acted under legal advice and the legal advice would have created some basis for their action hopefully.”

Mr Awoyemi said that the dip was a visible reaction of the international community to the suspension.


He further said: “The Federal Government thinks it will go away in a week or two but I can assure you it’s in the record books right now.”

He however cautioned that “this is not to say that those who are challenging this decision condone a situation where the Central Bank Governor would act with impunity. No, that is not the case.”

According to him, the Federal Government could have prevented the market crisis by following due process. “They can present the case to the Senate and say on the basis of the following allegations which have been substantiated by apparatus of government, that this gentleman needs therefore be removed.”

“We should be looking at how to deal with such situations and this whole process can help us in developing that.”