FOR Godwin Emefiele, the Central Bank of Nigeria Governor, the fresh intermittent air of uncertainty over his office could not have come at a worse time for the Nigerian economy.
Between then and now, the economy has gone further south. The jury is out on his policy to redesign the N200, N500 and N1,000 notes, which according to him, is to stem inflation, recover the trillions of naira outside the banking system and prevent ransom collection by kidnappers, as the January 31 deadline looms.Up to this point, the new notes have yet to circulate widely, or are being rejected by some sections of the population.
Under Emefiele, the monetary policy regime appears inflexible. To tame inflation, the CBN hiked benchmark interest rate by 100 basis points to 16.5 per cent at its 288th Monetary Policy Committee meeting, the last one in 2022. That was the fifth consecutive hike. The benchmark rate at the beginning of 2022 was 11.5 per cent. Arguing that the rate hike reduced inflation in December, the CBN added another 100 basis points to it, hitting 17.5 per cent as its 289thMPC meeting that ended on Tuesday.
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