GODWIN Emefiele fell from the high pedestal of Governor of the Central Bank of Nigeria to detainee at the weekend as President Bola Tinubu moved to sanitise the odorous financial system.
The Presidency explained in the statement suspending Emefiele “with immediate effect” on Friday that this was “sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy.” This is the right call; the actions of the ousted banker and the CBN should be thoroughly investigated, but more importantly, it should presage the radical overhaul of the financial system and its regulation.
Tinubu had promised to revisit Emefiele’s riotous naira re-issuance policy, merge the multiple foreign exchange rates contributing to crippling the productive sectors, and tackle inflation. Similarly, the benchmark interest rate rose from 12 percent in 2014 to 18.5 per cent by May 2023. Businesses are squeezed, denied credit and forex. Other countries manage rates better despite the global shocks. Since 2016, the benchmark rate in Japan has been -0.1 per cent; it is currently 8.25 per cent in South Africa, 11.00 per cent in Egypt, 4.5 per cent in the United Kingdom, 2.36 per cent in Germany, and 5.00-5.25 per cent in the United States.
The naira depreciated dangerously. In June 2015, it exchanged for N197 to $1; it has fallen to N460 to $1 officially and between N740 and N760 at the parallel market.In the key functions of a central bank therefore–managing the national currency, money supply and inflation, and interest rates–Emefiele failed woefully.
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