Things Godwin Emefiele Did Wrong as CBN Governor

1. Ban on Crypto:

Emefiele banned Cryptocurrency transactions in Nigeria in 2021. Before this ban, Nigeria was ranked the largest Cryptocurrency  market in the world, which created a parallel economy that created legitimate wealth for young people especially those from the lower class. While making it cumbersome for young people to trade in crypto, the like of former AGF Abubakar Malami were freely trading in the banned Cryptocurrency. They feared that the cryptocurrency market could liberate most Nigerians poverty, and thereby whittle down the powers of the political class in manipulating the people.

2. Ban on the Use of Naira Bank Cards for Dollar Transactions

Emefiele through the commercial banks placed a ban on the use of naira debit cards to pay for products and services online which are priced in dollars. This has made it difficult for Nigerians who are into tech, content creation to buy software tools they use for the jobs, because these software apps are priced in dollar. It has also made it difficult for these tech guys, content creators, content writers, online affiliate marketing to receive payments from their foreign clients. These tech guys usually receive their payment via digital wallets like PayPal, Payoneer, Skrill, Google Pay especially when the amounts to be received small. To successfully create account on these digital payment systems, you have to verify your account by funding them using your debit/credit card before you can use them to receive money. 

3. Emefiele's Alleged Links To Terrorism.

The DSS, Nigeria's secret police, alleged that Emefiele is a funder of Unknown Gun men. 

Emefiele used his powers and connections. I can't ascertain the veracity of the claim. But then, it's in the public knowledge that no one has been arrested and prosecuted for funding of terrorism in Nigeria especially Boko Haram funders even when UAE's government has named some Nigerians as terror sponsors

4. Presidential Ambition

While occupying a sensitive position as Governor of Nigeria's Reserve Bank, Emefiele declared his ambition to run for the nation's presidency. He didn't stop there, he branded multiple vehicles costing millions in Naira, bought APC's presidential nomination and expression of interest form for N100 million. This was quite daring and a demonstration of Emefiele's lust for power and desperation to cover up his many sins.

5. Destroyed Nigeria's Economy

In 2014 when Emefiele took office, our GDP was $546.68bn. In 2013, it was $508.69bn. 

One year after Emefiele took office, the GDP started spiralling downwards. In 2015, our GDP fell to $486.80bn with a massive lost of $59.88bn representing 10.95 per cent loss. Life became more difficult for Nigerians since 2015. 

In same 2014 when he became CBN Governor, Nigeria's naira to dollar exchange rates were N189/$1 at the I&E Window, and N205/$1 at the parallel market. At the time he was suspended in June, 2023 the rates are hovering around N465/$1 at the I&E Window, and N765/$1 after reaching all-time high of N900/$1 in October, 2022 when he announced naira redesign policy.

Between 6 June 2014 to 9 June 2023 He was the governor of the apex bank, Nigeria's inflation rate rose by 241%.

5. The Naira Redesign

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