Why Emefiele Remains Worst CBN Governor In History — Moghalu Reveals

Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has outlined the factors that makes Godwin Emefiele the least effective in the history of the country’s apex bank.

In a post shared on Saturday via his verified X handle, Moghalu expressed concerns about a report that purportedly originated from a CBN investigator appointed by President Bola Tinubu.

He noted that the report lacked a signature and questioned why neither the President nor his administration had addressed it publicly.

Moghalu highlighted Emefiele’s lack of competence, his performance in relation to the stability of the naira exchange rate and inflation, the “brazen illegal” provision of Ways and Means lending to the government, Emefiele’s “illegal” attempt to run for President, and the “incompetent” handling of the naira redesign policy.

According to Moghalu, these factors contribute to his conclusion that Emefiele is the worst and most damaging CBN governor in history.

Moghalu said, “The foregoing notwithstanding, my views on Emefiele’s performance as CBN Governor have been a matter of record even when many now opining on the matter of his performance on the job were mute.

“He is, without debate, the worst and most damaging Central Bank Governor in Nigeria’s history- incompetent and ill-prepared for the role, and from all available information from his actions, doubtlessly severely challenged with integrity.

“Four things make this clear: his performance regarding the STABILITY of the Naira exchange rate, as well as inflation; the brazen illegal provisions of Ways & Means lending to @NigeriaGov; Emefiele’s illegal attempt to run for President, in clear contravention of Section 9 of the CBN Act of 2007, which precludes the Governor and Deputy Governors from engaging in activities outside their functions; and he incompetent manner in which the Naira Redesign Policy was handled, and its consequent negative, indeed disastrous impact on Nigeria’s economy.”