RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

CBN Governor, Godwin Emefiele Bags National Honour As He Prepares To Leave Office.

Rate Captain by Rate Captain
May 29, 2023
in Economy, News
Reading Time: 2 mins read
A A
0
CBN Governor, Godwin Emefiele Bags National Honour As He Prepares To Leave Office.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), was recently bestowed with the prestigious Commander of the Order of the Federal Republic (CFR) national honour, in recognition of his service to the Nigerian economy during his nine-year tenure. The award ceremony, held at the Presidential Villa in Abuja, saw President Muhammadu Buhari conferring the honour on Emefiele, along with 340 other notable Nigerians.

Emefiele assumed office in 2014 and successfully stabilized the banking sector, minimizing the number of failed banks. However, his policies and decisions have faced significant criticism, with some key points of contention being the naira redesign, exchange rate policies, and forex restrictions imposed on importers.

AlsoRead

IMF Applauds Nigeria’s Tax Agency for Major Reforms, Pledges Continued Support

Nigeria Secures $747 Million Loan to Advance Lagos-Calabar Highway Project

Lagos Court Freezes Afex Commodities’ Accounts Over N17.8 Billion Debt to GTBank

One of the major policies implemented by Emefiele was the restriction on importers accessing foreign exchange for 41 initially and later increased to 44 items. Additionally, the CBN introduced limitations on the usage of naira-denominated cards abroad, initially setting a daily spending limit of $300.0 per person. Furthermore, the elimination of commission charges on retail forex transactions and the bilateral currency swap agreement with the Peoples Bank of China were notable moves made during Emefiele’s tenure.

However, the discontinuation of foreign currency sales to Bureau de Change (BDC) operators and the recent massive fall in the value of the naira against the dollar on the black market have raised concerns. The sudden change left many Nigerians astonished as the exchange rate surpassed N750 to the dollar, causing implications for individuals and businesses alike.

Experts have weighed in on the current state of the market and discussed the potential impact on Nigerians and companies. The depreciation of the naira heightens the urgency for the CBN to address the challenges facing the currency and explore measures to stabilize it.

While Emefiele’s national honour recognizes his contributions to the Nigerian economy, it also prompts reflection on his legacy as the head of the CBN. As he concludes his nine-year tenure, his successes in stabilizing the banking sector are tempered by the criticism surrounding certain policies and the current state of the naira. The incoming Governor of the CBN will inherit the responsibility of navigating the challenges and seeking effective solutions to maintain a strong and stable Nigerian economy.

Tags: black marketCBN GovernorCentral Bank of NigeriaCFRChallengesCommander of the Order of the Federal Republiccurrency depreciationeconomic stabilityexchange rate policiesforex restrictionsimportersincoming Governorlegacynaira redesignnational honourNigerian economypoliciesPresident Muhammadu Buharistabilizing economytags: Godwin Emefieletenure
Previous Post

Breaking: Inauguration Stage Collapses After Abba Kabir is Sworn in as Kano State Governor

Next Post

President Tinubu Declares the Phasing Out of Fuel Subsidy, Redirects Funds to Education, Healthcare, and Job Creation

Related News

IMF Applauds Tinubu Policy Reforms While Lowering Growth Projections

IMF Applauds Nigeria’s Tax Agency for Major Reforms, Pledges Continued Support

by Stephen Akudike
July 11, 2025
0

The International Monetary Fund (IMF) has praised the Federal Inland Revenue Service (FIRS) for significant strides in enhancing Nigeria’s tax...

FG Allocates N5.1 Billion for Presidential Yacht and N5.5 Billion For Student Loans

Nigeria Secures $747 Million Loan to Advance Lagos-Calabar Highway Project

by Victoria Attah
July 11, 2025
0

The Nigerian Federal Government has obtained a $747 million loan to fund the first phase of the Lagos-Calabar Coastal Highway,...

First Bank, GTCO and 18 Others Fined N125 Million for Regulatory Non-Compliance.

Lagos Court Freezes Afex Commodities’ Accounts Over N17.8 Billion Debt to GTBank

by Stephen Akudike
July 10, 2025
0

A Federal High Court in Lagos has ordered the freezing of Afex Commodities Exchange Limited’s bank accounts across 60 financial...

Nigerian Students Spend $340.84 Million on Foreign University Applications in the H1 of 2023

Nigeria Challenges New US, UAE Visa Restrictions as Diplomatic Tensions Rise

by Stephen Akudike
July 10, 2025
0

Nigeria’s Federal Government has voiced strong objections to tightened visa policies imposed by the United States and the United Arab...

Next Post
President Tinubu Declares the Phasing Out of Fuel Subsidy, Redirects Funds to Education, Healthcare, and Job Creation

President Tinubu Declares the Phasing Out of Fuel Subsidy, Redirects Funds to Education, Healthcare, and Job Creation

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

IMF Applauds Tinubu Policy Reforms While Lowering Growth Projections

IMF Applauds Nigeria’s Tax Agency for Major Reforms, Pledges Continued Support

July 11, 2025
FG Allocates N5.1 Billion for Presidential Yacht and N5.5 Billion For Student Loans

Nigeria Secures $747 Million Loan to Advance Lagos-Calabar Highway Project

July 11, 2025

Popular Story

  • DMO Announces Subscription Offering for Federal Government Savings Bonds.

    Nigeria Opens July 2025 FGN Savings Bonds with Up to 16.762% Interest Rates

    0 shares
    Share 0 Tweet 0
  • Fair Money Job Opening: Regional Sales Manager

    0 shares
    Share 0 Tweet 0
  • Nigeria’s Foreign Direct Investment Falls 19% to $250 Million in Q1 2025, Central Bank Reports

    0 shares
    Share 0 Tweet 0
  • FG Takes Governors to Supreme Court Over Local Government Allocations

    0 shares
    Share 0 Tweet 0
  • U.S. Imposes Additional 10% Tariff on Nigeria for BRICS Partnership

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>