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Emefiele reportedly received a letter from the office of President Muhammadu Buhari on Monday to vacate his office.

Sources within the presidency told TheCable there is no truth in the reports.

“The president does not have the power to sack the CBN governor without the approval of the national assembly,” one of the persons familiar with the matter told TheCable.

“The reports are fake.”

When TheCable likened the matter to the suspension of Muhammad Sanusi II, the former CBN governor, the source said: “Suspension is different from sack, and Emefiele has not done anything wrong to be suspended or asked to proceed on terminal leave.”

Section eight of the CBN Act of 2007 says a CBN governor can be removed by the president “provided that the removal of the Governor shall be supported by two-thirds majority of the Senate praying that he be so removed”.

Emefiele’s tenure as CBN governor is expected to come to an end on June 3, 2019 — five years after his appointment.

Another source said “the rumour mill is grinding so fast, seeing its exactly three months to the expiration of his tenure”.

TheCable understands that Emefiele was in his office on Monday and no such letter was received by the office of the governor.

Emefiele can be reappointed as the CBN governor based on the discretion of the president and the approval of the national assembly.

Section 10 of the CBN Act prescribes that “the Governor and Deputy Governors shall be appointed in the first instance for a term of five years and shall each be eligible for re-appointment for another term not exceeding five years”.

The act is silent on terminal leave, but TheCable understands that CBN governors do not go on terminal leave due to the sensitivity of the job.