Godwin Emefiele

Former Governor, Central Bank Of Nigeria

Search every verified Godwin Emefiele interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Godwin Emefiele, as Governor of the Central Bank of Nigeria (CBN), has been a central figure in the implementation of the naira redesign policy, which aimed to replace old 200, 500, and 1,000 naira notes with new ones by a January 31, 2023 deadline. Emefiele stated that the policy was intended to increase financial inclusion, support security agencies in combating ransom taking, and bring currency in circulation under the CBN's control, noting that as of October 2022, 2.7 trillion naira out of 3.23 trillion in circulation was held outside the banking system. He initially insisted there would be no extension of the deadline, describing 100 days as adequate for depositing old notes, but later announced a 10-day extension to February 10, 2023, after obtaining President Muhammadu Buhari's approval, followed by a grace period to February 17. Emefiele assured Nigerians they would not lose their money, stating that those with legitimately held old notes could exchange them at the CBN, and he warned against hoarding and predatory activities, saying that individuals spraying money at parties would face prosecution. Emefiele also addressed monetary policy, stating that the CBN's Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) by 50 basis points to 18% in March 2023, citing concerns about rising risks and price adjustments ahead of the removal of petroleum subsidies, as well as exchange rate pressure. He described the strategy as a difficult balance between tightening to reduce inflation and avoiding negative impacts on banking system stability. Regarding the banking sector, Emefiele emphasized that no Nigerian bank was exposed to the failed Silicon Valley Bank, and he reiterated that a banking license is a privilege, not a right, and that the CBN would protect depositors over shareholders. He also promoted the RT200 FX program, a bankers' committee initiative aimed at raising $200 billion in non-oil export earnings over three to five years, and highlighted various CBN intervention programs in agriculture, manufacturing, and healthcare, including the disbursement of over 3 trillion naira in loans.