Governor of the central bank of Nigeria

These policies and the ensuing activities were all done under the authority of the enabling law of the Central Bank of Nigeria, the Central Bank of Nigeria ...

Some Nigerians may not be happy with the recent monetary policy direction and the fact that Godwin Emefiele sought to contest the presidential ticket of the ruling All Progressives Congress while retaining his seat as CBN Governor. Yes, there were behind the scene stories of the need to control vote buying and the influence of money in elections, promote the cashless policy and reduce cash handling by the majority of Nigerians. Enter the Department of State Services with an ex-parte application before Justice John Tosho of the Federal High Court requesting for the detention of the CBN governor on allegations of fraud, crimes of national security dimension, and acts of terrorism financing. There was also the need for massive enlightenment and sensitisation which had not been done to ensure that Nigerians were mobilised for the new money dispensation, no one was left behind or made to suffer loss for not being properly informed of the currency change. Then came the banger, the CBN announced on December 6, 2022, with imperial glee and absolute ruthlessness that individuals and corporate entities would be limited to over-the-counter withdrawal limits of N100,000 and N500,000 per week respectively. The first was the redesign and introduction of new naira notes to replace the N200, N500, and N1000 notes.