Analyzing the performance of the Naira under various CBN governors since 1999, it is evident that each governor faced unique challenges.
However, it has never been as dire as it has been between 2014 and 2023.

Joseph Sanusi (1999 to 2004): The naira-to-dollar exchange rate in Nigeria increased from N99 to N132.

Chukwuma Soludo (2004-2009): The CBN rate stood at N146, while the alternative rate reached N181, resulting in a difference of N35.

Sanusi Lamido Sanusi (June 2009-Feb 2014): The CBN rate was N155, compared to N167 for the other rate, showing a difference of N12.

Godwin Emefiele (2014-2023): During Emefiele's tenure, the CBN rate was N463, while the alternative rate soared to N765, resulting in a difference of N301.


Difference between black and official rate at the end of CBN governors tenures

One major theme discussing Emefiele's tenure is the wide disparity between the official rate and black market rate. Here is how the governors fared at the end of their tenure.

Here is how the governors fared at the end of their tenure.

Soludo - May 2009
CBN rate: N146
Black market rate: N181
Difference: N35


Sanusi - Feb 2014
CBN rate: N155
Other rate: N167
Difference: N12


Emefiele - Jun 2023
CBN rate: N463
Other rate: N765
Difference: N301

Source: https://www.legit.ng/business-economy/money/1538766-under-godwin-emefiele-naira-breaks-records-drops-lowest-level-history-tinubu-seeks-solution/

Emefiele is clearly the worst CBN governor we have ever had. He shouldn't only be suspended, but arrested for economic sabotage.

nlfpmod, Mynd44, Seun

Yes