For many decades Dr Godwin Emefiele had chosen banking as a career, a vocation he rode to the top echelon as Managing Director, Zenith Bank before his appointment as Central Bank Governor, over a decade ago after the removal of the former governor, Sanusi Lamido Sanusi.
His ascension to the leadership of Central Bank of Nigeria CBN marked another milestone in the history of the country, particularly in the area of monetary policies, liquidation of Banks among many others that had been seamless,rancour free and without panic from depositors.
In the last ten years, not less than ten Banks had been taking over, revitalized by the apex Bank without any hullabaloo, while new ones kept sprang up to deregulate the country’s economy.
Armed with an indepth and seasoned banking experiences, Dr Emefiele had pursued vigorously policies and programs that will not only sustain Nigeria’s economy , but relive it to make lives of ordinary Nigerians more meaningful through job creation, empowerment, reduced poverty and modest MSME’s program.
These policies that led to his reappointment by the present administration of President Muhammadu Buhari that came on board in 2015 , also contributed to the extension after the expiration of his tenure.
The relative stability in the economy, policies and the Banking sector inspite of both the natural and artificial phenomenon of COVID pandemic and self inducing ENDSARS , the policy thrust of CBN under Emefiele remained static.
These positive development had kept the county’s economy floating, inspite of the dual recession period, health emergency and activities of saboteurs who devised all means possible to not only subvert the economy, but crippled it through foreign exchange round tripping and other manouvres.
With determination to pull 100M Nigerians out of poverty and the grave coincidence of COVID that became a global discourse, no doubt the current CBN management under Godwin Emefiele had made reasonable contributions in all sectors of the economy.
With post COVID relief to Nigerians, anchor borrowings to farmers, and policy framework on commercial rice farming that led Nigeria into witnessing the first rice pyramid, no doubt had reduced the quest for foreign rice, encouraged local production and consumption in Nigeria.
Emefiele’s determination to control hyper inflation and inflationary rates in Nigeria pursued vigorously cashless policies that is now yielding greater results and controlling the unabated inflation rates, that had reduced the poverty level, increased the purchasing powers of many Nigerians.
The activities of Bureau De Change BDC operators that was almost leading to the dolarisation of Nigeria economy was quickly tamed through a policy that outrightly banned exchange of dollar to naira officially through the window by the CBN.
The new policy resisted by the naysayers and beneficiaries of the illicit deals initially criticized, was brought on board that had reduced the skyrocketing and high rates of exchanging the local currency to the foreign currencies, that had discouraged investment and investors to the barest minimum, not minding the activities of economic saboteurs, as Nigeria currency appreciated after the launch of the policy.
With unabated reactions from disgruntled Nigerians, the high rate of dollar exchange was going beyond roof top, inspite of the synergy between CBN and security agencies that led to the raid of illegal operators of BDC’s in the country.
CBN with a well articulated policy framework crashed the dollar from 900 per €1 within 24 hours to as low as 400 , a feat that was responsible to CBN policy rejigging and reprisal by the management under Godwin Emefiele.
It is obvious that the extraordinary movement against the dollar exchange and attempt to dollarise the economy was nipped in the bud, hence reliving and reducing the inflationary rates that had affected all facets of our national life.
For weeks, the exchange rate of dollar/foreign currencies to naira and unimaginable gains by traders had reduced for more than a month , bringing naira to a more appreciable level to foreign currencies and reducing the cost of living.
The recent decision to redesign the naira had exposed more awkward and precarious situation disgruntled Nigerians had subjected the country into, as currencies printed 20 years ago are now finding their ways to the Banking halls, with over 1 trillion deposited in the money Banks since the launch of the redesigned new naira notes of 200, 500, and 1000.
The launch and crashed in the foreign currencies had given Nigeria economy a facelift and reduced the inflationary rates announced by NBS not applicable in totality as the CBN moved against all anti- policies.
Not done with the redesigned old naira notes that had triggered panic to the non- Banking Nigerians, the announcement of ‘withdrawal limit’ introduced had threw off balance people with ill gotten wealth, illicit starching of funds that had frustrated the operation to the fullest, the cashless policy gasping.
The new withdrawal limit applicable to both individuals and corporate accounts of 20,000 and 100, 000 limit one off, had generated unabated debates with CBN vowing to continue on the new and existing policy resisted by Nigerians.
The policy meant to control inflation, reduce poverty and bring about near equality as well as egalitarian society was a welcome development.
When enforced, inspite the growing criticisms and upheavals, will bring control to the deployment of currencies in Nigeria and by extension contribute greatly to the government efforts at nipping in the bud vote buying in the forthcoming 2023 general elections.
Aside putting in place a controlled monetary policy, it will be another chapter and opportunity by ordinary Nigerians to elect leaders of their choice devoid of any subtle or direct influence of money politics.
The CBN wisdom and desire to bequeath sound monetary policy framework among many others towards producing good and generally acceptable leadership to Nigeria and Nigerians, as the bane of every successful nations largely dependent on good leadership.
Emefiele deserved commendations in all ramifications rather than condemnations, as the activities of many Nigerians had gone beyond legitimate earnings to illicit deals, that had militated against the smooth operation of government and policies geared towards the betterment of average Nigerians.
The decision came at the right time to nip in the bud among many other coincidences, all hands must be on desk to support the laudable policies of CBN to ensured a better Nigeria.
YUSUF writes from Abuja , he can be reached on [email protected]
