Hails Tinubu" suspension, investigation of Emefiele

Honourable Jude Idimogu, a former Lawmaker representing Oshodi/ Isolo Constituency īII in the Lagos State House of Assembly, has hailed the suspension of Mr Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN) by President Bola Tinubu.

Idimogu told newsmen on Monday in Lagos that Tinubu displayed courage and determination in taking the decision in the interest of Nigeria's future.

According to him, the continued retention of Emefiele in the CBN would jeopardize the fortunes of the economy, making the nation's legal tender, the Naira a laughing stock among currencies in the world.

The former lawmaker said that under Emefiele's watch as CBN governor, Nigeria ran multiple exchange rate regime, where friends, family members and cronies of the suspended governor gut foreign exchange from the CBN official FX window at N465/$ and sold same at the parallel market rate of N750/$, making excess gain.

He noted that the former CBN governor, literally hijacked the legitimate duties of Bureaux Des Change (BDC) operators in the country and used officials of Deposit Money Banks(DMBs) to sell foreign exchange to their agents, and then to the general public.

He said that over 10,000 jobs were put on hold in the BDC subsector when he suspended the weekly intervention of FX to the BDC retail market

He said that the BDCs had collaborated with the CBN in ensuring exchange rate stability at the onset of the governor' first tenure in office.

He said, however, the battle for power, which consumed Emefiele made him shut his doors to the BDCs and he operated the FX market like a private empire.

"Emefiele is conniving with the MDs of banks allocating dollars of foreign exchange to his chronics, they need to be investigated.

"No wonder that the BDC operators were complaining that Emefiele took their business in the pretense that there is not enough dollars.

"He channeled those FX activities to the bankers because he was was an MD of Zenith bank, with the aim of patronizing his colleagues colleagues who are in turn doing round tripping.

"He facilitates FX to them, moving the money to them to make excess profits..

" The economy's not doing well. but the banks are every year, every month, every quarterly are producing fantastic profit reports.

"How are they'rmaking their money when the economy is not benefitting .

"All the excess profits the banks are boasting, where are they coming from?.

" I must tell you they are coming from exchange rate differentials," Idimogu said

He urged Tinubu to do the needful by investigating all other actors, ministers that served under Buhari that has contributed to the downfall of the economy.

"They should be arrested and made to give account of their stewardship.

Idimogu said that over the eight years of Emefiele's stewardship, the monetary policy decisions undertaken under his watch was never in favour of the business environment in the country with attendant high interest rates and high inflation rates in the country.

He said that Emefiele neglected his exalted office as high priest at the temple of the apex bank to purchase form to context the presidency of Nigeria without recourse to his resignation as the governor and hight priest in the temple of the apex bank.

On the Naira redesign policy, the former lawmaker said that Emefiele threw the nation into financial crisis without any apologies.

"He said he has no apologies to Nigerians and now nothing has changed, what a wicked man."

"it's high time we build this country together with Mr. President.

"We cannot continue like this. That is why we are having the Japa syndrome, our youths are traveling out of this country, running away.

"But the truth is that there is no place like home,

"Why do you want them to stay when there is no job for them when people like Emefele and co are busy spending our money, destroying the economy," Idimogu said.

He appealed to Tinubu to restore the country to prosperity and progress.

"Remember what you told us the very first time you declared your intention to rule this nation.

" You said that your lifelong heart desire is to be the president of this nation.

"And God has helped you ; today you are the president of this great nation.

" Nigerians are counting on you. Nigerians believe that you will not disappoint them.

"Let the common man feel your impact," Idimogu said.
https://www.otowngist.com/2023/06/how-naira-fell-economy-bled-under-emefiele-idimogu/