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Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has detailed the reasons he considers the ex-CBN Governor, Godwin Emefiele, to be the most ineffective in the history of the country's apex bank. In a comprehensive post on a Saturday via his verified handle, Moghalu expressed concern about a report, purportedly from a CBN investigator appointed by President Bola Tinubu, being made public without a signature and without any official response from the President and his administration.

Moghalu cited Emefiele's perceived incompetence, specifically mentioning issues related to the stability of the naira exchange rate, inflation, the "brazen illegal" provision of Ways and Means lending to the government, Emefiele's "illegal" attempt to run for president, and the "incompetent" handling of the naira redesign policy as contributing factors to his conclusion that Emefiele is the worst and damaging CBN governor.

While acknowledging that his views on Emefiele's performance have been consistent, Moghalu criticized the handling of the report's authenticity and the media trial surrounding it. He highlighted the lack of a signature on the report, questioning its official status, and emphasized the importance of a proper review before such sensitive information reaches the public.

Moghalu expressed concern about the potential damage the sensationalism surrounding the report may cause to Nigeria's economy, image, and the institution of the CBN. He emphasized the need for accountability in sensitive institutions like the CBN but called for a cautious approach that avoids prejudicing the rights of individuals before proper legal processes unfold.

In addressing the fight against corruption, Moghalu urged a holistic approach, suggesting that entities like the NNPC (Nigeria's national oil company) should also undergo similar scrutiny to avoid perceptions of vendetta. He emphasized the need for a comprehensive overhaul of Nigeria's political leadership culture and governance to combat corruption effectively.

Moghalu concluded by stating that while Emefiele deserves a trial, the current approach may not be the optimal path when subjected to close scrutiny.

The Central Bank of Nigeria (CBN) is intensifying efforts to combat currency hoarding and speculation, which are believed to contribute to the depreciation of the naira against major foreign currencies. Speculators and hoarders, identified as undermining government initiatives to stabilize the naira, face increased scrutiny. Recent positive strides in naira appreciation were marred by a subsequent decline, prompting suspicions of artificial market manipulation through speculation and hoarding.

While many Nigerians celebrated the previous naira appreciation, speculators and hoarders incurred losses, leading to suspicions that powerful entities, including politically exposed persons involved in foreign exchange round-tripping, are resisting government measures. The CBN, armed with intelligence, is poised to launch a campaign targeting these individuals, aiming to decisively address their disruptive activities.

A source within the CBN, speaking anonymously, revealed the central bank's determination to counteract the pushback from speculators and traders. The CBN plans to initiate a robust campaign against these disruptive forces to preserve the recent gains made in stabilizing the naira. Aminu Gwadabe, President of the Association of Bureau de Change Operators of Nigeria (ABCON), emphasized the CBN's readiness to inflict consequences on currency speculators, emphasizing the risks associated with attempting to manipulate the naira against its recent positive trajectory. The CBN's multifaceted approach includes measures such as dollar liquidity injection and naira mopping through interest rate hikes. The market is cautioned against further attacks on the naira, as the CBN remains well-equipped to safeguard its recent successes.