The Emir of Kano, Lamido Sanusi , who is a former governor of Nigeria’s central bank has said the government should end its policy of...
The Emir of Kano, Lamido Sanusi, who is a former governor of Nigeria’s central bank has said
the government should end its policy of trying to maintain the value of
the Naira as the policy has “never worked” wherever it has been tried.
According to the Financial Times, Emir Samusi disclosed that the negatives of President Muhammadu Buhari's
Naira policy outweigh its "dubious gains”.
"The government does not have the reserves to keep the exchange rate
at its official level in
the market,” Mr Sanusi told the Financial
Times.
The policy has “never worked” wherever it has been tried”, Sanusi said.
It would be recalled that President Buhari, in a recent interview, had disclosed that he is unconvinced on devaluation of the Naira.
Sanusi was the central bank governor from 2009 to 2014 until he got into Goodluck Jonathan's (then Nigeria’s President) black book.
He was subsequently suspended following a statement he made alleging missing money in Nigeria’s oil sector.
The official Naira to dollar rate currently stands below N200 but it is inaccessible to the majority, with the black market rate hovering above N300.
