Emefilian Monetary Policy: In Whose Interest?

That Godwin Emefiele is the Governor of Central Bank since 2014 is a known fact. That his economic policies have been inconsistent is equally not in doubt. That he was appointed by President Jonathan Goodluck  after Mr Sanusi Lamido Sanusi (now Emir Sanusi Lamido Sanusi) spoke about the missing $20 billion oil money is also not in dispute.

The dollar rate to naira as at today is one Dollar to 500 naira and above, all thanks to experimental economic policies by the Central Bank of Nigeria led by Godwin Emefiele.

To a large extent, the continuous implementation of differential exchange rates by the apex bank and refusal to lower interest rate in a recessed economy  like ours, may be doing more damage than imagine.

How? The pursuit of different exchange rates has made it possible for greedy investors to buy dollars at cheaper prices for purposes other than what they were slated for. In addition, the conflicting dollars rates is equally sending wrong signals to who-would-be foreign investors with attendant consequences.

Recession in literal terms means lower purchasing power of the people in the face of availability of goods. In other words, goods are available but the means of acquiring them by the people are non-existent and or scarce. At such situation, people need to be able to access loan as cheap as possible either to engage in productive activities that will ensure that prices of commodities are lower, and or that will boost people's purchasing power. So ordinarily, one would have expected the apex bank to lower interest rate to enable people have access to loan, but the bank has done the contrary.

Just yesterday, I learnt that the CBN has decided to reintroduce the deposit / withdrawal charges on certain amount such that one could end up paying as much as 2 million Naira on a deposit of 40 million Naira, and I asked in whose interest is the reintroduction? Will the re-introduction encourages people to save more or discourages them, and considering the fact that there can't be investment without savings, aren't we killing our economy? Am just asking na ni?

Am afraid to ask if Godwin Emefiele is not a cog in the wheel of this administration, and perhaps a designated PDP saboteur of the good intentions of this regime.

In my pondering on the person and mission of Mr Godwin Emefiele, here is what Wikipedia remarked on him-
"His name and position have been used in spam emails implying that the recipient has won a large sum of money and that someone else is trying claim it. Evidently the scheme is designed to encourage the recipient to contact him before someone else does. It is highly unlikely that Emefiele has any connection to this scam and it is clear that no good will come of responding to the email."

This concluding remarks by Wikipedia to me is not a good omen to the number one supposed banker of the most populous black nation in the world, and indeed, there may be more that meet the eyes.