Godwin Emefiele

President Buhari and Godwin Emefiele of the Central Bank of Nigeria (CBN) are pretty set in their decision to apply makeup to naira banknotes for the first time in 20 years.

Even though the Minister of Finance, Zainab Ahmed, has called it a bad idea, the new banknotes will enter circulation on December 15, 2022. Buhari launched the new ~~Snapchat filter~~ designs on November 23, 2022, and the CBN has even started a countdown to when the old naira notes will stop being valid in 2023.

We know the redesign of the ₦‎200, ₦500 and ₦‎1,000 banknotes doesn’t involve changing the faces on them. But if it did, these famous deceased Nigerians have credible claims.

Funmilayo Ransome-Kuti

She’s most popularly remembered as the first Nigerian woman to drive a car, but Funmilayo Ransome-Kuti was more than that. She wasn’t called the Lioness of Lisabi for no reason as she pioneered many groups that championed women’s rights. She founded a political party and was the first woman appointed to the Western House of Chiefs.

Shehu Shagari

No single elected Nigerian president is on any of the naira banknotes, and Shagari can be the first as he’s the country’s first elected president.

Gambo Sawaba

Sawaba has been regarded as the most jailed Nigerian female politician due to her resilient activism. She campaigned against child marriage, unfair labour practices, and championed women’s rights. For her troubles, she was publicly flogged, had her hair shaved with a broken bottle and was imprisoned 16 times. If anyone has a claim to belonging on a naira banknote, Sawaba shouldn’t even need to raise her hands.

Anthony Enahoro

As one of Nigeria’s pro-democracy activists, Enahoro was the first to move the motion for the country’s independence in 1953. It’s why he’s regarded as the “Father of Nigerian Independence”. What more do you need to do to get your face on a naira banknote?

Gani Fawehinmi

Gani Fawehinmi was a human and civil rights lawyer known for his vibrant activism for the underprivileged. He gained local and international recognition for his work but also suffered persecution by the government.

Margaret Ekpo

Like Sawaba and Ransome-Kuti, Ekpo was a rights activist and social mobiliser who created political pressure groups to fight for the interests of Nigerian women.

Taslim Olawale Elias

He already has the face of someone disappointed in the naira’s value

Elias was Nigeria’s first post-independence Minister of Justice and Attorney-General of the Federation. He went on to serve as the Chief Justice of Nigeria (CJN) and president of the International Court of Justice (ICJ). He also received 17 honorary doctorate degrees from various universities around the world.

Ameyo Adadevoh

If not for the intervention of Dr Ameyo Adadevoh, Nigeria’s ebola crisis of 2014 would’ve been worse than the eventual 20 confirmed cases and eight deaths, including her own. She made the ultimate sacrifice to protect millions from a similar fate. What more do you need to have your face on a naira banknote?

Ken Saro-Wiwa

The brutal General Sani Abacha regime killed Ken Saro-Wiwa and eight other activists in 1995, for their agitation against the environmental damage caused by crude oil extraction in Ogoniland. No compensation will restore his life, but his face on a naira banknote will immortalise him and the issues he fought.

Dora Akunyili

Dora Akunyili watched her sister die as a result of complications from taking fake medicine and made it her life’s mission to ensure it didn’t happen to anyone else. As the head of the National Agency for Food and Drug Administration and Control (NAFDAC), Akunyili fought powerful drug counterfeiters to keep millions of Nigerians from falling victim.

Chinua Achebe

The story of African literature would be incomplete without the contribution and impact of Chinua Achebe. Things Fall Apart is the most widely studied, translated and read African novel.

Fela Anikulapo-Kuti

He’d probably roll in his grave if his face appears on a naira banknote considering many of the issues he sang about still exist decades after his death. Even his arch-nemesis, Buhari, is currently president. But much of his life and music was devoted to activism to make the country better, so he has a valid claim.

Samson Toromade

November 23, 2022

Citizen

Central Bank, Godwin Emefiele, Muhammadu Buhari, naira
Much like everything else in Nigeria, it’s a hard time for the naira. The currency’s value against the dollar has been falling for decades. But the alarming freefall of what little value it has left seems to suggest it doesn’t have a praying mother.

…only a praying father

The naira slumped to N710 per $1 at the parallel market just days after we also found out Nigeria doesn’t earn as much as it needs to service debt. The naira’s depreciation is at the worst level it’s ever been, and right now, it’s barely hanging on for dear life.

The naira’s race to the bottom

One of the reasons for the naira’s troubles is the scarcity of dollars in the official Investors & Exporters window. This has pushed many to the parallel market where Bureau De Change (BDC) operators are king.

Nigeria’s foreign exchange earnings are derived from crude oil export profits, proceeds from non-oil exports, diaspora remittances and foreign direct investment (FDI). But all these channels have been inadequate in plugging the dollar shortage in the market.

The rising inflation rate, which hit 18.6% in June, has further damaged trust in the naira and fueled even more demand for dollars.

It’s so bad that the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was desperate enough to threaten Nigerians not to buy dollars with the naira. And speaking of that guy….

Meffy the naira crusader

Emefiele (or Meffy for short) eats a big portion of the blame for the rags-to-more-rags story of the naira. When he assumed office in 2014, the dollar exchanged for ₦167 on the black market. Eight years and dozens of failed experiments later, the exchange rate has risen to ₦710 per dollar.

Meffy has done quite a terrible job, but no one can accuse him of not try i ng his best to cover the naira’s nakedness numerous times.

He’s fought against BDC operators, importers, parents paying their children’s school fees, medical tourists not named Buhari and even trees just to save the naira. He also publicly offered to physically fight for the naira’s honour after he accused AbokiFX of damaging its reputation.

This man has given it his all. But sometimes, you cannot do more than yourself.

Meffy the naira scapegoat

On Wednesday, July 27th, 2022, senators agonised over the state of the naira because it’s touching everybody. Senator Biodun Olujimi put it best when she said, “What’s happening to the dollar [sic] is a replica of what’s happening to Nigeria.”

The senators resolved to invite Meffy to the chamber to explain the rapid depreciation of the naira to them. It’s quite like being called to the principal’s office to explain why your SS3 set is the worst in the school’s history.

Unfortunately, this meeting will take place behind closed doors and won’t be accessible to the public. But we don’t imagine Meffy has any new ideas on how to save the naira, and Buhari just wants to print more money.

We don’t know who else is out there capable of saving the naira from the further damaging disgrace that’s impacting Nigerian lives negatively. But based on his eight years of history, it’s probably not Meffy.

While we wait for a saviour, we just have one appeal to the dollar:

ALSO READ: We Re-Imagined Some Currencies As Secondary School Students

Samson Toromade

July 29, 2022

Citizen

dollar rate, dollars, Godwin Emefiele, naira, naira devaluation
There are many ways that political candidates emerge before elections in Nigeria.

It is impossible to cover them all but the most common is when they open their mouth and just say they are interested.

Some others, who are a bit more dramatic, set up groups to beg them publicly to run for office. The groups sometimes even threaten to sue the aspirant if they fail to run, just to spice things up.

And then there are those who announce publicly that they are still waiting for a sign from God.

One of those people is the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Meffy’s name popped up in the running for the 2023 presidential election last week when a group called on him to contest.

The Green Alliance (TGA), surprisingly not environmental activists, anointed our very own Meffy as the man for the job.

Why?

Convener of the group, Wale Fapohunda, told journalists in Lagos that Emefiele has navigated Nigeria through economic hurdles and come out on top.

He is considered the perfect fit for president because he has supported job creation and fostered inclusive growth in Nigeria.

Also, let us not forget that he is a ‘detribalised’ Nigerian, the magic touch for anyone thinking about becoming president.

TGA also said Nigerians need to move away from career politicians and run into the loving arms of a technocrat that has built a resilient financial system for Nigeria.

Never mind that our financial system is as resilient as a blown-up balloon

It is easy to forget that this is the same man under whose economic direction the country has endured a messy foreign exchange situation, two biting recessions, and record inflation and unemployment rates.

What does Godwin Emefiele want?

Typically, this is the point where the proposed aspirant publicly addresses the call for them to run.

But in Meffy’s case, we have to go through another group.

The Friends of Godwin Emefiele group met with him this week to address the rumour of his run because that is what good friends do.

Meffy apparently talked about how has never asked or lobbied for a job before in his life.

He just went with the tide and ended up in top positions in the banking industry until he arrived at the CBN in 2014, all without lobbying.

The gist of the meeting is the man himself said he is focused on his CBN job, and refused to address his intention to run or not.

He has decided to leave his fate ‘firmly in the hands of God’ because that is the only person that anoints leaders.

What is funny here is if Meffy eventually decides to run based on God’s word, he would have to go head-to-head against another aspirant already promised by God.

After the meeting, the Friends of Godwin Emefiele group published this:

Achoo

We do not know who is afraid of Godwin Emefiele, but we know it is not double-digit inflation, or the naira-dollar exchange rate.

Samson Toromade

February 16, 2022

Citizen

2023 Elections, Godwin Emefiele
The Central Bank of Nigeria’s (CBN) governor, Godwin Emefiele, has had one job since 2015 – make ₦1 the same as $1.

Apart from trying to set up a wrestling match in his own office, what he has done instead is oversee one of the worst periods for the naira.

The biggest problem Meffy, as he’s called by fans and haters, has faced is the management of Nigeria’s foreign exchange (FX) market.

$1 was ₦133 when he was appointed in June 2014, and we all thought that was rock bottom.

The good old days when you could fill your dinner table with just 5k

$1 now trades at ₦417 which, if you’re paying attention, is a 213.5% increment from 2014, and 41600% off the target of ₦1 = $1.

Let’s not even talk about the black market where $1 is trading for over ₦570.

Who is making Meffy’s job difficult?

Nigeria’s main FX earning is derived from crude oil export profits, which can be unstable depending on the global demand for oil, as well as pricing.

Other channels for our FX inflow are proceeds from non-oil exports, diaspora remittances, and foreign direct investment (FDI), all of which are even more unreliable than crude oil profits.

Nigeria’s unstable FX earnings put pressure on the reserves, which everyone in the country relies on for foreign trade.

One of the biggest dependents were importers who needed dollars to trade until Meffy decided they were sucking the life out of the reserves.

So he started restricting the sale of FX to importers of certain goods like pork, beef, cement, mosquito repellant coils, toothpicks, maize, sugar, and many others.

Also, bye bye foreign rice. It was nice to know you.

But Meffy was not done because foreign reserves still suffered from the Sapa wave.

Last year he accused Bureau de Change operators of sabotaging his goal of safeguarding the value of the naira.

According to him, they were greedy, corrupt and feeding fat on Nigeria’s commonwealth, so he stopped selling them FX too.

This left just the banks as the direct recipients of dollars from the CBN who gave strict instructions regarding who they are allowed to sell to.

Banks are on the menu now too

No one is safe from Meffy’s trigger fingers, and now banks may have to watch themselves or may sooner or later have their own taps closed too.

The CBN governor said at a media briefing last week that he wants the banks to start generating their export proceeds and stop bringing their begging bowls to his door.

“It is coming to an end before or at the latest the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again,” he said.

Meffy’s plan

Meffy now expects banks to build their own FX earnings from their export customers to fund the demand of their import customers.

To help boost FX inflow, the CBN has launched the RT200 FX Programme. The key goal of this is to rely less on oil profits and earn more FX from non-oil exports.

Meffy expects the programme will help Nigeria earn $200 billion in FX exclusively from non-oil exports over the next three to five years.

This will be achieved by funding businesses that add value to non-oil commodities, making them more lucrative for export.

This would make it possible for Nigeria, as a major exporter of cocoa, to earn more than the $800 million it currently gets annually from the chocolate market worth over $130 billion.

According to Meffy, Nigeria had no problem meeting its FX obligations with non-oil export sources until crude oil was discovered decades ago and everybody went mad.

Import obligations were funded from exports like cocoa, palm oil, rubber, and a lot of goods that had nothing to do with oil.

Meffy wants banks to return to that past where they didn’t need dollar handouts from the CBN.

All of this hard work, we figure, is to make Meffy’s job easier as he prepares to be begged to run for president.

Samson Toromade

February 14, 2022

Citizen

CBN, dollars, Foreign Exchange, Godwin Emefiele, Meffy
Citizen is a column that explains how the government’s policies fucks citizens and how we can unfuck ourselves.

You remember a few weeks ago when the Central Bank Of Nigeria issued a policy that bans commercial banks in Nigeria from engaging in any cryptocurrency-related transactions? Well, I am pleased to inform you that, in spite of all of our shouting and outrage and dragging, CBN still has us on an aired dfkm level and it seems the ban is here to stay.

Why? On February 23, the CBN governor, Godwin Emefiele came out with a new statement on the cryptocurrency ban. This statement, which Nigerians online are outraged by per usual, was made during a Senate Committee on Banking and offered new reasons why the ban will remain and how the CBN perceives crypto-currency in general. Below, we provide three points from his speech, and all we can say is we are really in God’s hands at this point.

I don't think the CBN Governor fully understands the concept of money…. But hey, he can do no wrong. He is the CBN Governor.

Lool out of thin air.
— Morris Monye (@Morris_Monye) February 25, 2021

https://twitter.com/Daddy_Nomso/status/1364849662428143617?s=20

I am shocked by the CBN governor briefing on Cryptocurrency.

This here is why Nigeria economy is in a total mess.

Visiting https://t.co/7Y5PgCvQS2 would have resolved this ignorance that crypto is from the thin air.

💔💔💔💔 pic.twitter.com/xg3Lb2E9NX
— Tosin Olugbenga (@TosinOlugbenga) February 25, 2021

The Ban Is Not Getting Reversed.

We meant it when we first said that. If you were hoping that the CBN would have come to realize the importance of Cryptocurrency in a digital world, well keep hoping. It is obvious that the Central Bank is still adjusting to how instrumental Cryptocurrency is in making money more flexible and suited for a changing world and we are just going to wait until they get with the program. Do we know how long it will take them to get it? No idea, he didn’t say.

The CBN Doesn’t Think Crypto-Currency Is Legit Money

And no, we are not kidding. TO put it in Emefiele’s words, “Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”

The Governor did not, however, explain in detail why the CBN considers Cryptocurrency illegitimate money. It would have been interesting to know seeing as there is documented evidence that cryptocurrency is in fact, a legit digital currency.

According To Emefiele, CryptoCurrencies Are A Tool For Dubious Transactions

Again in his words, “Cryptocurrency is used to describe the activities of traders in an electronic dark world where transactions are extremely opaque, not visible, and not transparent. These are people who deal in transactions that do not want to be trailed.” It’s the way that sounds very adamantly-ignorant-Nigerian-parent-esque for us.

On the plus side though, the Governor made it clear that this move is to ensure the safety of Nigerian bank users and stakeholders and that it will continue to investigate cryptocurrency activities to better understand the processes involved.

If this makes you angry, remember this is Nigeria. Whatever you see, take it like that.

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Nelson

February 25, 2021

Citizen

Cryptocurrency ban, Godwin Emefiele, Nigerian Economy