INSUBCONTINENT EXCLUSIVE:
reasons for his removal and detention are still unclear
followed an extensive investigation by the State Security Service (SSS), with allegations of financing terrorism, fraud, and economic crimes
of national security dimension.Godwin Emefiele
(Photo Internet reproduction)Emefiele had pursued a cashless policy, withdrawing high-denomination notes from circulation without providing
replacement as promised, thereby causing a cash crunch.Despite the adverse impact on an economy where 63% of the population is poor and 33%
digital currency (CBDC), the e-Naira, resulted in an economic downturn and loss of public trust in the central bank.The e-Naira has seen a
Monetary Fund (IMF) still sees potential in the e-Naira, the dismal performance so far and the arrest of its main proponent, Emefiele, may
cause other African central banks to reconsider launching their own CBDCs.
