New Nigerian Naira Note Scarcity: Why Corrupt Godwin Emefiele Is The Worst CBN Governor Ever!

New Nigerian Naira Note Scarcity: Why Corrupt Godwin Emefiele Is The Worst CBN Governor Ever!

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has been criticized for his role in the ongoing protests in various cities across the country. Many Nigerians are facing immense hardship after the Apex Banks were instructed to stop accepting old Naira notes.

This action was taken several months after Emefiele’s failed presidential bid, in which he was defeated by Bola Ahmed Tinubu, the candidate of the All Progressives Congress party. Some insiders suggest that Emefiele’s implementation of the Naira design policy was a corrupt tactic aimed at preventing his political rival from winning the upcoming presidential election.

Godwin Emefiele became the 10th indigenous Governor of the Central Bank of Nigeria (CBN) on June 4, 2014, succeeding Sanusi Lamido Sanusi.

During his tenure, Emefiele has implemented various policies and initiatives, which have garnered significant criticism from the Nigerian public. Some of these actions have resulted in public outcry, with some calling for the governor’s removal from office.

Under Emefiele’s leadership, the Central Bank of Nigeria (CBN) implemented several policies and interventions, such as suspending foreign exchange sales to bureau de change operators and directing that all forex sales be done by commercial banks.

Additionally, Emefiele introduced the Anchor Borrowers’ Programme (ABP), which has been riddled with debtors’ refusal to repay loans. In 2021, the CBN launched the e-Naira, a controversial digital currency.

On October 26, 2022, the Central Bank of Nigeria made an announcement that the N200, N500, and N1,000 notes would be redesigned. The decision was made in order to enhance the security and features of the country’s currencies, reduce counterfeiting, preserve national heritage, regulate the circulation of banknotes, and lower the cost of currency management.

The bank further explained that this exercise was necessary as it aligned with global best practices, which mandate central banks to redesign banknotes every five to eight years.

The CBN announced that the new banknotes would begin circulation on December 15, 2022, and the old notes would no longer be valid after January 31, 2023. However, since the transition began, Nigerians have faced difficulties accessing funds, particularly those who depend on cash in the informal economy.

This has led to violent protests in some areas. The CBN governor made several arrogant statements, but eventually, the apex bank decided to extend the deadline to February 10.

The Supreme Court has intervened in the ongoing issue of non-circulation of cash in Nigeria and suspended the CBN’s deadline for demonetisation. The court has scheduled a hearing on the matter. Prior to this issue, Emefiele had previously been criticized as the worst CBN governor on a few occasions.

Earlier, there were reports of Godwin Emefiele intending to finance his presidential aspiration with funds from the apex bank. Sources suggest that the CBN governor planned to utilize intervention funds from institutions such as the Bank of Agriculture and Nirsal Microfinance Bank.

However, after his presidential bid failed, rumors suggest that Emefiele may have formed alliances with corrupt entities within Buhari’s administration to impede Tinubu’s chances of winning the election.