The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, is a dour uncharismatic man who must have gotten the top banking job through political connection or patronage. Since the CBN came into being soon after our flag independence in 1960 no CBN Governor had been this clueless, this controversial. Emefiele inspires little or no confidence and no one in the banking sector considers him a stellar performer.
Here is a man who as a technocrat wanted to be a wannabe politician by joining the crowded race for the APC primary election. He reportedly shelled out millions of Naira to be able to purchase the expression of interest form. Now, Asiwaju Bola Tinubu having ‘bought’ the ruling party’s ticket Emefiele and other emergency politicians (including the Senate President and the Vice-President) had come to terms with the fact that competing against a ruthless godfather and bullion van political crook takes a measure of extraordinary political manipulation.
Tinubu ‘won’ because he was smarter, and he outspent others! Besides, his desperation for power at the federal level left no room for any compromise. He said it was his ‘turn’ to steal and muddy the waters further!
The Nigerian economy has not had it so bad for decades. Under Buharism we have had a couple of recessions. Under him the economy is dancing a ‘little to the left, a little to the right’ (apology to Gen. Babangida) in a demonstration of lack of effective control.
Under Emefiele’s CBN leadership the Naira has been bastardized to the extent that devaluation of the national currency became uncontrollable. Even the Franc CFA (before now ‘submissive’ to the Naira) has beaten Naira in the value game.
Ten years ago or thereabout one million CFA exchanged for three hundred to four hundred thousand Naira! Today one million Naira exchanges for less than one million CFA! That is how bad Emefiele’s fiscal acrobatics has led us into.
Emefiele was in the news recently as he holidayed abroad. The Department of State Services (DSS) were reportedly on his trail over weighty allegations of money laundering and sponsorship of terrorism. And when he eventually returned home and resumed duty he was always accompanied by heavy security (heavier than a presidential convoy!).
At a time one report online made it clear that some stern-looking security operatives were posted to his home in Abuja! There are outstanding litigation issues involving Emefiele.
Now, some months back President Buhari had approved the redesigning of some Naira notes (1000, 500 and 200 denominations). The process started and ended in fiasco! In the end it was only the colours of the notes that were changed or painted.
Lately the economic repercussions associated with the policy has hit home big time. Tons of old Naira notes are piling up everywhere awaiting conversion to the new ones. The banks are overwhelmed! Nigerians are sleeping in banking premises to beat the early morning queues.
The Naira redesign policy has been controversial from day one. And more controversial is the time and withdrawal limit imposed. In a struggling economy accommodating millions living in poverty and illiteracy the policy created more problems it meant to solve.
With the extension in deadline for the old notes to cease to be legal tenders moved to February 10 trillions of the old notes are yet to be converted to the new ones. The new notes are getting scarcer by the day and like in everything the Nigerian way black market is booming as hoarders are making brisk business and smiling to the banks.
Nigerian politicians and political contractors are used to hiding their filthy lucre in graveyards,water tanks and ceilings! Since the illicit funds were stolen or diverted the crooks were afraid to introduce them into the formal banking system to avoid detection.
Critics had claimed that the President was misled into approving the policy of Naira re-design. Buhari is neither an economist nor a brilliant economic student. He may have been a good patriotic soldier in his professional prime but now as President, his age advanced, he relies on aides and appointees like Emefiele to ‘guide’ him right on matters economic.
Asiwaju Tinubu was angry about the policy and the biting fuel shortages across the nation for obvious reasons. In an undeniable sign of dementia the APC presidential candidate went to Abeokuta for campaign weeks back. There as he did before with the ’emi-lokan’ balderdash he committed another gaffe by railing against the ‘opponents’ hoarding fuel and those making the new Naira scarce!
He forgot that Buhari, his man, is still in power. He had since gone to Katsina to meet the President and iron out the differences.
Economically speaking Buhari has been a monumental disaster for Nigeria! A great nation naturally endowed and rich in oil and gas resources but whose nationals, in their majority, are living dangerously, beaten black and blue by misery. Even fueling the car is always a problem.
In this desperate situation for survival amid familiar challenges of oppression, misery and governmental lacuna Nigerians are frustrated and hopeless. But all hope is not yet lost. At the fullest of time when Buharism is swept away with the same tattered broom with which it swept itself to power a new dawn may happen signalling a new Nigeria.
The current currency crunch is predictable. Buhari had boasted that he did it in the early 80’s as a military dictator but there is a remarkable difference between then and now. The time limit imposed and the withdrawal ceiling imposed made it look as if Buhari or Emefiele is gunning for something that is not known to the general public.
If the policy could clean up our dirty monetised polity then so be it. If it could help in nipping terrorism in the bud then so be it. If it would help strengthen the banking sector then it is welcome. But let the time frame within which the currency conversion is made be extended. Imposing unreasonable time limits must be deplored.
Emefiele must stop acting like a mad man.
SOC Okenwa
soco_abj_2006_rci@hotmail.fr
