Despite its intentions, CBN’s monetary policies—under Godwin Emefiele—of changing the currency, introducing cash withdrawal limits and transitioning to a cashless system caused hardship for Nigerians. While the pain and suffering this policy caused have drastically reduced, its effect is yet to be fully recognized.
On 9 June 2023, President Bola Tinubu suspended Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), indefinitely. A day after, Emefiele was arrested by the Department of State Services. The closest thing to a reason the president gave for the sack was during an interactive session in Paris, France, on 23 June, where he described the financial system under Emefiele as rotten. ‘Few people make bags of our money, and then you stopped sending money home to our poor parents. Several windows… but that is gone now, is gone,’ he said, ‘the man is in the hands of authorities; something is being done about that; they will sort themselves out.’ The actual reason for the sack perhaps can be traced to decisions made by the CBN a year ago...
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