Emir of Kano
The Emir of Kano and immediate past Governor of the Central Bank of Nigeria, Muhammadu Sanusi II, has described the monetary policy regime of the CBN as wrong.
Sanusi was quoted by Financial Times as saying that President Muhammadu Buhari risked exacerbating the country’s economic woes and undermining his government’s achievements on security and corruption by endorsing exchange rate policies that were doomed to fail.
He said he was disappointed to see Buhari’s strong security and anti-corruption efforts overshadowed by a monetary policy regime with “very obvious drawbacks that far outweigh its dubious benefits.”
The CBN, with Buhari’s public endorsement, last year imposed tight capital controls and pegged the naira at an official rate currently 35 per cent stronger than the black market rate. The policies sparked capital flight and hurt Nigeria’s reputation as a frontier market investment destination.
