Moghalu Carpets CBN, Reveals Problems With Emefiele’s Naira Policy

March 16, 2023
Moghalu Carpets CBN, Reveals Problems With Emefiele’s Naira Policy

Former Deputy Governor, Central Bank of Nigeria (CBN), Kingsley Moghalu, has condemned the handling of the Naira redesign policy under Godwin Emefiele.

Moghalu said months after the CBN set out to implement the Naira redesign policy, Nigerians are still suffering from the policy.

Join our WhatsApp Channel

He said in a statement that there was confusion regarding the purpose of the Naira redesign policy, from economic reasons to political, resulting in the failure of the CBN policy.

“First, the 90-deadline, which I warned was too short to be effectively executed. Second, the timing, so close to the elections. But, as later became clear, there was a haphazard and incoherent communication of the purposes of the policy. 

“In one breath, it was said to be to reduce the money supply and help tame inflation (after the Bank had created and lent N23 trillion to the Federal Government, illegally because that was way beyond approved limits under the CBN Act of 2007). 

“Next, it was promoted as a national security measure to halt kidnapping, Naira hoarding and sundry crimes. Then, next, it became about “free and fair elections “ to stop vote-buying,” he wrote. 

Recall that the Supreme Court forced the central bank to suspend the Naira redesign policy implementation on Friday, 3 March 2023, when it delivered a judgement that the policy was a breach of the 1999 constitution. 

Prime Business Africa also reported that the Supreme Court extended the legality of the old Naira N500 and N1,000 notes till 31 December 2023, against the 10 February 2023 deadline of the CBN to phase out the currencies for the redesigned notes. 

Further addressing the crisis caused by the Naira redesign policy, Moghalu said: “Expectedly, politicians who felt the policy targeted them complained loudly and wanted the deadline extended, while those who believed it helped their own political agendas hailed the tight and impractical deadline and did not want it moved.”

Part of his statement reads: “Today, whatever may have been the benefits of the naira redesign policy have been cancelled out by the economic and social gridlock it has created. 

“We are still suffering from it after the “almighty” presidential election has come and gone. There are several lessons here. One such lesson is the importance of effective risk management that was evidently absent in the conception and execution of the policy.”

READ MOGHALU’S SUBMISSIONS IN FULL HERE: Naira Redesign Implemention Failure And Its Consequences

+ posts

Featured Stories

Latest from Business News

Fuel Subsidy: World Bank Must Allow Africa’s Poor Breathe

World Bank Flags Taxes, Bribery as Constraints on Kenya Businesses

Written by Amanze Chinonye Kenya’s private sector faces higher costs and uncertainty from multiple taxes, regulatory hurdles and bribery, the World Bank said on Thursday, warning that the constraints are weighing on investment and business growth. While Kenya’s corporate income tax rate is

Rwanda Expands Fuel Imports Through Mombasa under Kenya Deal

Written by Amanze Chinonye Rwanda has begun importing bulk refined petroleum products through Kenya’s Mombasa port under a new government-to-government arrangement aimed at diversifying its fuel supply routes and strengthening energy security, with the first 40,000-tonne cargo arriving this week. Join our WhatsApp

Wealth Without Access is Stranded Wealth – Opiva Capital Chairman 

Written by Kamsiyochukwu Mbamalu The Chairman of Optiva Capital Partners, Franklin Nechi, has called on African entrepreneurs, investors and families to move beyond traditional wealth accumulation and embrace global access as a strategic tool for business growth, family security and intergenerational legacy. Nechi
Dogara Leads Campaign To Remove Bauchi Governor Bala Mohammed
Previous Story

Dogara Leads Campaign To Remove Bauchi Governor Bala Mohammed

Naira Vs Dollar: What To Expect This Week (2nd - 6th June 2025) 
Next Story

Naira Scarcity: Latest CBN News, Updates On Naira Notes For Today

Don't Miss

19 Bank Workers Sacked, As Nigerian Banks Lose N1.17 billion To Fraud

Nigerian Banks Under Liquidity Stress – Moody’s

Moody’s Investors Service has provided an in-depth  analysis of how

Rivers Administrator Summons Fubara, Deputy For Inquiry

Rivers State Administrator, Vice Admiral (rtd), Ibok-Ete Ekwe Ibas, has