A change in leadership is impending at Nigeria's central
bank as the country prepares for a presidential election. Bank
governor Godwin Emefiele is entangled in a political web that has
resulted from his own ambition and maneuvering. His adversaries in
the current government, and the main candidates looking to head the
next government, have enough legal backing and political incentive
to replace him before his tenure ends in 2024. For now, the central
bank's foreign exchange regime will be unchanged while the
governor hangs on to his job.
SIGNIFICANCE – MONETARY POLITICS
After weeks of popular speculation about Governor
Emefiele's whereabouts, on 16 January the Central Bank of
Nigeria (CBN) announced that Emefiele had resumed work after a
‘vacation abroad'. This statement comes in the wake of
previous local media reports that Emefiele had been hiding from the
State Security Service (SSS)1 hunting him for alleged
corruption and terrorism financing offences. The
