Editorial
Task Before The Next CBN Boss
With the submission of the name of the
Managing Director of Zenith Bank
Plc, Mr Godwin Emefiele to the Senate for confirmation as the next governor of the Central Bank of Nigeria (CBN), comes the general expectation that another epoch is about to begin in the history of the nation’s apex bank.
If confirmed, Emefiele will assume duty as the substantive successor to Mallam Sanusi Lamido Sanusi, who is currently on suspension over alleged abuse of office. Ordinarily, his tenure ends May 31, 2014, but the possibility of Sanusi going back to that office gets slimmer by the day, even by the legal issue now involved.
The Federal Government’s choice of Emefiele as the next CBN boss must have been carefully considered as he emerged from a long list of candidates. Even so, the true test of the nation’s new chief banker will not come until June when he eventually takes over.
On assumption, the new CBN governor will be expected to continue and possibly build on the successes recorded by his predecessor, especially in attaining a workable monetary policy, banking reforms and the cashless policy.
The country’s currency and external reserves have not been on very sound footing in recent times. While the Naira has continued to slide against the US dollar, even as it is officially said to exchange at N155.75 per dollar, Nigeria’s external reserves have steadily dropped from about $50 billion mid last year to its present balance of less than $42 billion.
The next CBN boss will therefore need to introduce more proactive measures, including further tightening of the Cash Reserve Requirement (CRR) on public sector bank balances to help stabilise the Naira and also lead to raising the nation’s foreign reserves.
The introduction of a cashless policy will, no doubt, stand as one of the remarkable accomplishments of the CBN under Sanusi. Although, it can be argued that his effort terminated before the full kick-off of the scheme in Lagos, the FCT and five other states, Sanusi’s successor will have the task of implementing the policy nationwide as from July 1.
Related to this is the $50 million biometric solution project which was inaugurated by the outgoing CBN chief executive six days before his suspension. The project aims at building a central database of bank customers in the country. It will specifically serve to identify those transacting business with Automated Teller Machines (ATM) and Point of Sales (PoS) machines. Luckily, Emefiele already serves as chairman, Biometrics Subcommittee of the Bankers’ Committee.
While Sanusi could be said to have given his best in the service of his fatherland as the CBN governor, there are few things that characterised his leadership which were not readily visible during the tenures of his predecessors. Incidentally, some of these served to raise avoidable controversies in the polity.
We hope that the new CBN boss will avoid the pitfalls of the past and provide dependable professional service, respect due process and be a team player rather than play to the gallery.
The position of CBN governor is not supposed to be used for politics. It is not a passport to endless un-appropriated spending, albeit sectional. It should not also be seen as an office that is above that of the President of Nigeria. As a public servant, he must not fail to work within the provisions of the law.
Like the other CBN governors before him, Emefiele’s new office properly positions him to expose corruption and exert strict supervision of the nation’s banking industry, even if to reassure both local and foreign investors. He also stands the chance of engaging in a more progressive trans-central bank relations with other nations.
Again, as this nomination comes with the prospect of Emefiele taking over the exalted seat on the Federal Government’s Economic Management Team, The Tide hopes that he would be able to build a good working relationship with all the stakeholders, especially with the Federal Ministry of Finance and the Presidency to move the economy forward.
Editorial
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Editorial
WPFD: Nigeria’s Defining Test
Nigeria stands at a critical juncture as the world marked World Press Freedom Day (WPFD) on May 3. This annual observance is a reminder that a free press is central to democratic life, good governance, and public accountability. For Nigeria, it is also a moment for sober reflection on how far the country has come and how far it still has to go in safeguarding the independence of its media.
World Press Freedom Day exists to highlight the fundamental importance of freedom of expression and to honour journalists who risk their lives in pursuit of truth. It underscores the idea that without a free press, societies cannot function transparently, nor can citizens make informed decisions. In countries like Nigeria, where democracy continues to evolve, the observance carries particular urgency.
This year’s theme, “Shaping a Future at Peace: Promoting Press Freedom for Human Rights, Development and Security”, places journalism at the heart of global stability. It emphasises that a peaceful society cannot be built on silence, fear, or manipulated information. Rather, it depends on the free flow of accurate, timely, and independent reporting.
At its core, the theme highlights the role of journalism in fostering accountability, dialogue, and trust. These are not abstract ideals. In Nigeria, where public confidence in institutions is often fragile, the media remains one of the few platforms through which citizens can question authority and demand transparency. When press freedom declines, so too does public trust.
Journalism serves as a foundation for peace, security, and economic recovery. Countries with robust media systems tend to attract greater investment, maintain stronger institutions, and resolve conflicts more effectively. Nigeria’s economic challenges, ranging from inflation to unemployment, require open scrutiny and informed debate, both of which depend on a free press.
However, the issue of information integrity has become increasingly complex in the digital age. Artificial Intelligence (AI) and online platforms have amplified the spread of misinformation and disinformation. In Nigeria, where internet penetration has grown rapidly, false narratives can travel faster than verified facts. This makes the role of credible journalism more vital than ever.
The challenge is not only technological but also ethical. AI-driven manipulation of information threatens to distort public discourse, influence elections, and deepen social divisions. In such an environment, professional journalism must act as a stabilising force, ensuring that truth prevails over sensationalism and propaganda.
Equally troubling is the safety of journalists. Across Nigeria, reporters face growing levels of online harassment, judicial intimidation, and physical threats. Self-censorship is becoming more common, as media practitioners weigh the risks of reporting sensitive issues. This trend undermines the very essence of journalism.
A particularly alarming incident involved a serving minister in the present administration, who openly threatened to shoot a journalist during a televised exchange. Such conduct, broadcast to the public, sends a dangerous signal that hostility towards the press is acceptable. It erodes the norms of democratic engagement and places journalists in harm’s way.
This year’s theme aligns closely with the United Nations Sustainable Development Goal (SDG)16, which promotes peace, justice, and strong institutions. Freedom of expression is a cornerstone of this goal. Without it, institutions weaken, corruption thrives, and justice becomes elusive. Nigeria’s commitment to SDG 16 must therefore include genuine protection for the media.
Historically, the Nigerian press has been a formidable force. From resisting colonial rule to challenging military dictatorships, our journalists have played a central role in shaping the nation’s political landscape. Today, however, that legacy appears to be under strain, as the media operates under what can best be described as a veneer of freedom.
Beneath this facade lies a troubling reality. Journalists are routinely harassed, detained, and prosecuted for performing their constitutional duties. Reports from media watchdogs indicate that dozens of Nigerian journalists face legal threats or arrest each year, often for exposing corruption or criticising those in power.
The Cybercrimes (Prohibition, Prevention, etc.) Act of 2015 has become a focal point of concern. Originally intended to combat cyber threats, it has increasingly been used to silence dissent. Sections 24 and 27(1)(b), in particular, have been invoked to target journalists, bloggers, and social commentators.
Although amendments introduced in February 2024 were meant to safeguard journalists, concerns persist. The law continues to be wielded in ways that stifle investigative reporting and restrict freedom of expression. Legal reforms must go beyond cosmetic changes to address the root causes of misuse.
To safeguard the future of journalism in Nigeria, decisive action is required. The Cybercrimes Act must be revisited to ensure it cannot be weaponised against the press. Law enforcement agencies must operate free from political influence, upholding the rule of law and protecting journalists’ rights. Civil society and international partners must also strengthen independent media through funding, training, and platforms for wider reach.
In this rapidly evolving world shaped by artificial intelligence and digital innovation, Nigeria faces a clear choice. It can either allow press freedom to erode under pressure, or it can champion a truly independent media landscape. The path it chooses will determine not only the future of journalism, but also the strength of its democracy and the peace it seeks to build.
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