Emefiele, CBN and our future, By Reuben Abati

At some point later today, 24 January, the Governor of the Central Bank of Nigeria, Godwin Emefiele is bound to be back in the news as the CBN’s Monetary Policy Committee concludes its 289th meeting and offers its position on the future direction of the country’s macro-economic environment.

Justice Maryam Hassan made the additional point that if the DSS wants to arrest the CBN Governor, it should have sought the clearance of the President of the Federal Republic of Nigeria to start with, or put the accused person on notice given the strategic position that he occupies and the implications for national security, financial stability and the flow of foreign investments. Obviously, it would appear that the DSS did not inform the President and if they did, nobody has told us.

But what I find curious, and let me discharge this quickly is that more than any other CBN Governor before him, Godwin Emefiele has been a far more hands-on regulator and administrator. His remit is monetary policy but under his watch the CBN has been at the centre of everything, completely over-stretched beyond its traditional mandate. I don’t consider this to be a good thing.

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