CBN Governor Godwin Emefiele Bags National Honour as He Prepares to Step Down After 9 Years in Office
- Godwin Emefiele was among the over 300 Nigerians who received national honours from President Muhammadu Buhari
- Emefiele, who was first appointed CBN governor by former President Goodluck Jonathan, has been at the helm for nine years
- The award is a testament to Emefiele's service to the Nigerian economy during his tenure as CBN Governor
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Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has been awarded the prestigious Commander of the Order of the Federal Republic (CFR) national honour.
The recognition comes as Emefiele prepares to conclude his nine-year tenure as the head of Nigeria's apex bank.
The awarded list, which includes 340 Nigerians and friends of the country, was signed Sunday by the Permanent Secretary Ministry of Special Duties and Inter-Governmental Affairs, Ibiene P. Roberts, ThisDay reports.
Source: Facebook
Emefiele assumed office in 2014, and a recent report by Legit.ng showed that under his tenure, he was able to stabilise the banking sector by recording fewer failed banks.
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However, the CBN governor came under serious criticism for some of his policies and decisions.
One of which was the naira redesign policy which caused severe hardship and several exchange rate policies implemented without improvement in naira's value.
Godwin Emefiele's forex policies
- Restriction on Importers: On June 23, 2015, the CBN implemented a restriction that prevented importers of 41 items (later increased to 44 items) from accessing foreign exchange (FX).
- Limit on Naira-Denominated Cards Abroad: In 2015, the CBN introduced an FX policy that limited the usage of naira-denominated cards abroad to $300.0 per person per day. Recently, some banks reduced this limit to $20 or suspended using these cards for international spending.
- Elimination of Commission on Retail FX Transactions: In 2019, the CBN eliminated commission charges on retail FX transactions related to invisible services like business travel allowance, personal travel allowance, medical expenses, and school fees.
- Selling Rate and Intervention Frequency: The CBN decreased the selling rate of FX to Bureaux de Change (BDC) operators and increased the frequency of interventions in other windows to enhance access and availability of FX for end-users.
- Bilateral Currency Swap Agreement: On April 27, 2018, the CBN signed a three-year bilateral currency swap agreement worth $2.5 billion with the Peoples Bank of China. This agreement aimed to reduce FX demand pressure and facilitate investment.
- Post-No-Debit Status: In September 2020, the CBN mandated lenders to place a Post-No-Debit status on the accounts of entities participating in the parallel market.
- Discontinuation of FX Sale to BDC Operators: In July 2021, the CBN discontinued the sale of foreign currencies to BDC operators in Nigeria. Additionally, they suspended the applications for and issuance of new licenses for BDC operations.
Naira starts week with massive fall against dollar
Meanwhile, Nigeria's CBN has another headache as the naira lost a considerable chunk of its value recovered at the black market last week.
Legit.ng revealed that many Nigerians who went to the black market to get FX were surprised by the sudden change as the naira exchanged to the dollar above N750.
Experts have reacted to the current state of the market while speaking on the impact on Nigerians and companies.
Source: Legit.ng
