Forex crisis: CBN reshuffles key directors

Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, at the weekend, reshuffled some of his directors, in what observers say is in response top the headwinds caused by the lingering foreign exchange (forex) crisis and the need to save the naira.

Ripples gathered that under the new dispensation, Dr. Alvan Ikoku becomes Director for the Trade and Exchange Department (TED), a department said to be very critical to the management of the foreign exchange market and requires someone the governor could trust.

Ikoku takes over from Olasukanmi Gbadamosi, who is now Director, Legal Department.

Read also: CBN can’t service N500b weekly forex demands

Similarly, Edward Adamu was appointed Director of Human Resources while Chizoba Mojekwu, who previously held the position, will henceforth oversee the Capacity Development Department and the International Training Institute (ITI) Learning Centre.

The Director of Corporate Communications, Ibrahim Mu’azu, has already been moved to the Strategy Management Department (SMD).

No replacement has been announced but observers expect someone with deep understanding and experience in media management and strategic communications to fill the vacuum.

In the view of economic watchers, it is hoped that the new changes may lead to a significant change in the economy in the coming weeks.

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