Emefiele

Emefiele

By President AIgbkhan. president@foicounsel.com
In October 2020, he decided to opt for a naira redesign after losing out on the presidential bid. He decided to make money scarce, apparently to punish the ruling party candidate, now the president of the country.

According to Emefiele, the naira redesign became imperative because the country needed to improve its currency security and features, mitigate counterfeiting, preserve the collective national heritage, control the bank notes in circulation and reduce the overall cost of currency management. Emefiele turned CBN into a byzantine complexity.
The poor judgment exhibited by Emefiele in the redesign of some naira notes pursuant to a cashless policy tossed the nation into a foretold crisis. Warned on several occasions about the negative consequences of introducing the measures so close to the general elections and the current harsh environment, Emefiele threw caution to the wind and went ahead to foist the short cash swap time limit and restricted cash withdrawal limit on people.
The policy had more frozen impact than relevance. We spent long hours in long queue and ended up leaving with no result. Emefiele has argued that the policy will help to control inflation as the exercise will bring back the hoarded currency into the banking system, thereby making monetary policy more effective, and lastly, an anti-corruption model.
To our chagrin, weeks after the redesign, the new currency took its toll on the black market.
It was sought after like dollars and we started trading by barter because there was no currency to exchange for goods. He is indeed endowed with incompetence and totally unpretentious about it
 In a nation where dishonesty is a crime and incompetence is tolerable, Emefiele suspended foreign exchange sales to the Bureau de Change operators and distributed dollar deposits to street urchins related to the cabals. Emefiele directed that all forex sales be done directly to commercial banks without funding or supervising them.
In 2021, he came up with the e-naira, a digital currency that is yet to be accepted by the business community. No one worked harder to sink the apex bank like Emefiele.
In a country of curious paradoxes, the staff strength of CBN before Emefiele took over was less than 7,000 and Emefiele recruited over 4,000 staff in his eight-year reign without a single advertisement or aptitude test. Recruitment in the bank between 2014- 2023 was every 2 months.
The last transparent recruitment in the apex bank was during the reign of Prof. Charles Soludo. With the burgeoning unemployment, Emefiele’s recruitment model does not validate hard work it only buttresses why our young people are attracted to the glittering path of patronage instead of competence.
This recruitment style has been on with his predecessors and the only difference is the increasing intensity. All other administration including that of Emir Sanusi Lamido was by means best described as point and resume. They all are in the pan for noncompetitive recruitment for the bank.
Nigeria has ten indigenous Central Bank Governors. The ones with a protracted tenure seem to be more inept than the ones with shorter stay. During the reign of the first indigenous governor, Aliyu Mai Bornu, the country witnessed an annual growth of 3.1 percent while in office between 1963-1967.
Another notable governor of the bank was Ola Vincent, who made new naira notes but of lower denomination than he met and he created Nigeria deposit Insurance Corporation (NDIC) to provide a safety net for depositors. A close assessment of the bank governors will tie the longest-serving governors of the Bank Abdulkadir Ahmed and Emefiele who ruled the bank for 9 and 8 years respectively, as one of the worst.
Paul Ogwumba also part of the league led the bank between 1993-1999. in his five years reign at the apex bank, he also displayed a good account of his cruelty. He squandered and depleted the foreign reserves like Emefiele. Ogwunba reduced our foreign reserves from $9 Billion to $4 Billion USD. It was Joseph Sanusi who now changed the narrative and reduced the drain on the foreign reserves.
Emefiele sets the bar lower than the most incompetent of his predecessors.  He pulled no punches against unbridled borrowing and inflation. The apex bank’s failure to control inflation made the cash withdrawal limit of N20, 000 unsustainable and unrealistic. He devised a means of sharing dollars with his allies to sell at a higher price.
He will be remembered for postulating a monetary policy that aids the spread of dollar as an anti-inflation tool.
It was easier to get dollars for a religious trip than for studying. I know of no more discouraging fact than the questionable ability of a public officer to demote his service by conscious endeavor and still aspire to a higher role. He is before the Federal High Court for his bail application.
Terrorism offences are not an offence for which bail can be granted as of right. Assizes the offence, the character of Emefiele deserves no bail reprieve. His ten fingers are dirty and should be denied the fragrance of positive discretion save to be released to show us where new printed naira notes are buried.
Godwin Emefiele got more than is appropriate for his office. He has rolled over a near prostrate monetary state. He will be remembered for the arrow shot at the marrow of the economy under the pretest of vote buying as his tenure was deficit in sincerity and everything credible. He worked tirelessly to paint green the rotten leaves of a dying tree, instead of working in the soil to bring the roots back to life.
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