By Nikky Attah A lot of Nigerians said that it was long overdue when the news came that President Bola Tinubu had axed Godwin Emefiele as Governor of the Central Bank of Nigeria. Over confident and arrogant, Emefiele captained the Central Bank like some kind of an emperor. He was heartless, dismissive and his monetary policies caused the needless death of very many Nigerians. In fact, there was much rejoicing on social media when it became known that the DSS had further picked him up, and taken him into their custody for questioning. For Emefiele, whose scorecard was already poor, he only capped it all with his ill-timed currency swap policy that even ended up as a vanishing act! When he came on board as Central Bank Governor, the naira was going for $1 to N170 on the parallel market. Shockingly, at the time of his exit, a dollar cost N800. The interest rate at the banks climbed high during the period, and inflation rate was officially put at twenty two and a half percent.…
A lot of Nigerians said that it was long overdue when the news came that President Bola Tinubu had axed Godwin Emefiele as Governor of the Central Bank of Nigeria.
When he came on board as Central Bank Governor, the naira was going for $1 to N170 on the parallel market. Shockingly, at the time of his exit, a dollar cost N800. The interest rate at the banks climbed high during the period, and inflation rate was officially put at twenty two and a half percent. In actual fact, Nigeria fell into what economists term spiralling inflation.
But while Nigerians groaned, he waxed stronger and wealthier. For instance, during the COVID-19 lockdown, while airports were closed to the generality, the CBN Governor flew his family out on a private jet to the Caribbean islands, where he owns a mansion. This was very unlike his predecessor in office, Sanusi Lamido Sanusi. During his tenure in office, there was a time that the N200 note became scarce, and out of circulation. Nigerians spoke out, and the then CBN Governor acted promptly.
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