By Ejike Okpa, US based Foreign Affairs Analyst
Godwin Emefiele a retail banker who became Nigeria Central Bank governor is over his head in the role. Bless his heart.
If one hands such role to an Ajegunle or Ochanja market trader, what does one expect – pure Buying and Selling as in cash-n-carry.
Nigeria undeniable challenge is expecting a Butcher to be a Cow Surgeon. While the two have skills using certain tools, the outcome of their skills is different.
A Butcher kills/slaughters while a Surgeon slits to save life. Now are you with me? If not, don’t read any further.
I once hosted him in my Dallas Okpa Hut when he was at Zenith Bank. A cousin/in-law of his who lives in DFW area came to introduce him.
Talking with him didn’t elicit nor inspire anything. He has a dull personality but a good man.
I never felt he understood fiscal and monetary policies to manage/handle NAIRA quicksand volatile downward spiral since DEMO(n)CRACY surfaced in 1999.
Bam, he became CBN Governor due to Ngozi Okonjo-Iweala prompting since both are from same Delta Igbo clan. Nothing wrong with such support but Nigeria suffers due to having SQUARE PEGS in ROUND holes.
I know in Nigeria anything goes.
Enjoy the NAIRA ride as Naira is riding its way to abyss.
For historic perspective, my airfare to my country of choice USA was N698.50 from Enugu-Lagos-London-Dallas, then equivalent to $1,250.
Today, one can still fly to my country of birth for $1,250. Depressingly, N698.50 may not buy a Nigerian a bottle of Star beer.
The Dollar has maintained its value all things considered while Naira is headed in the direction of Zimbabwe ZimDollar.
Now KEEP doing some serious CHEWING, if you know what to chew on.
Managing and handling fiscal and monetary goals requires intricate manipulation of policies backed by strong leadership.
Nigeria had never had such leadership since it created Naira as its national currency. It has instead used the Central Bank as a wild horse by anyone who takes over the helm of Affairs.
CBN as US Federal Reserve Bank is not independent. Sadly, CBN is a hidden PETTY CASH operation for the president and whoever is appointed to make sure Naira flows in their direction.
A CBN Governor may know what to do but if at odd with His Excellency not Excellent occurs.