Godwin Emefiele’s genius asserts two big changes in the Nigerian economy. The first is a paradigm shift from knee-jerk economics to a proactive, punctilious, cultured ethic – economics after all, is a social science.
The other big change manifests in the relationship between the apex banking chief and the presidency. On Emefiele’s watch, the office of the CBN governor has from ordinary lame duck adviser to Nigeria’s top risk manager cum presidential advisor/confidant.
Little doubt, however, Emefiele has been deeply involved in the presidential strategy for keeping Nigeria afloat through its most depressing economic climes ever.
It is innate. President Muhammadu Buhari is not one given to effusive praises for anyone. Many describe him, and he does come across, as patently taciturn and impassive. However, with Godwin Emefiele, the Central Bank of Nigeria, CBN, Governor, the president never holds back. He bears, like a badge, an indecipherable flame of affection for Emefiele. Like the Californian wildfire, blistering and unquenchable in its wake, the bright flame of the president’s love for Emefiele burns brilliantly across the social space and corridors of power.
According to Mr President recently, “As Governor of Nigeria’s Apex Bank, you have rendered selfless service to your country at a most challenging period of our economic development, and I salute your commitment, passion, and doggedness. As you continue to build on these achievements, I hope that your efforts translate to more positive results on the nation’s economy for improved living standards we envisage for our people”
However, President Muhammadu Buhari on Sunday said that the decision of the Central Bank of Nigeria (CBN) to launch new designs and replace high value Naira notes had his support and is convinced that the nation will gain a lot by doing so.
Speaking in an Hausa radio interview with the famous journalist Halilu Ahmed Getso, and Kamaluddeen Sani Shawai to be aired Wednesday Morning on Tambari TV on Nilesat, President Buhari said reasons given to him by the CBN convinced him that the economy stood to benefit from reduction in inflation, currency counterfeiting and the excess cash in circulation.
He said he did not consider the period of three months for the change to the new notes as being short.
”People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.”
In the interview, the President also addressed issues of food security and national security, among others.
