Honourable Jude Idimogu, a former Lawmaker representing Oshodi/Isolo Constituency III in the Lagos State House of Assembly, commended President Bola Tinubu for his decisive action in suspending Mr. Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN). Speaking to reporters in Lagos on Monday, Idimogu praised Tinubu for displaying courage and determination in the interest of Nigeria’s future.
Idimogu expressed concerns about the negative impact of Emefiele’s continued tenure on the country’s economy. He argued that Emefiele’s policies had jeopardized the nation’s financial stability, resulting in the depreciation of the Naira and making it the subject of ridicule among global currencies.
The former lawmaker pointed out that Emefiele’s management of the CBN had led to the existence of multiple exchange rate regimes. He alleged that individuals close to the suspended governor exploited the system, obtaining foreign exchange from the CBN at a lower official rate and selling it on the parallel market for a higher profit. Idimogu claimed that Emefiele bypassed legitimate foreign exchange operators and used officials of Deposit Money Banks to distribute foreign exchange to their agents and the general public.
Idimogu emphasized that the suspension of the CBN’s weekly intervention in the Bureaux De Change (BDC) retail market had halted over 10,000 jobs in the sector. He accused Emefiele of prioritizing personal interests over the stability of the exchange rate, leading to the suboptimal performance of the economy while banks continued to generate substantial profits.
Idimogu called for a thorough investigation into Emefiele’s alleged collaboration with bank Managing Directors in diverting foreign exchange to their cronies. He suggested that the excessive profits reported by banks were derived from exchange rate differentials, further exacerbating the economic woes faced by the nation.
Furthermore, Idimogu urged President Tinubu to initiate an inquiry into other actors, including ministers who served under the previous administration, to hold them accountable for their role in the downfall of the economy.
Highlighting Emefiele’s eight-year tenure, Idimogu criticized the former governor for implementing monetary policies that had adverse effects on the business environment, resulting in high-interest rates and inflation. Idimogu also condemned Emefiele’s controversial Naira redesign policy, which he claimed had plunged the country into a financial crisis without any remorse from the suspended governor.
Idimogu appealed to President Tinubu to restore prosperity and progress to the nation. He reminded Tinubu of his longstanding ambition to lead Nigeria, urging him to prioritize the welfare of the common man and fulfill the expectations of Nigerians who believe in his leadership.