Dr. Lamido Sanusi, the former governor of the Central Bank of Nigeria, has accused the institution of irresponsible money printing, leading to the devaluation of the naira. According to Vanguard, he criticized the CBN for disregarding advice and succumbing to the influence of individuals benefiting from favourable currency exchange rates. Sanusi pointed out a specific case of a young individual amassing considerable wealth by exploiting the gap between official and black market exchange rates…….CONTINUE READING>>>>>>
Over the past eight years, Sanusi maintained that the CBN has continued to print money unchecked, resulting in an oversupply of the naira and its subsequent depreciation. He laments the lack of prudent management in the economy and attributes it to the CBN’s unwillingness to heed counsel. According to him, little has been achieved apart from fostering a culture of sycophancy among those profiting from currency manipulation.
Sanusi illustrated his argument with the example of a young man with no apparent track record of service who has acquired extravagant assets, including a private jet and properties in Dubai and England. This individual’s wealth accumulation, Sanusi alleges, stems from exploiting the discrepancy between the official exchange rate and the higher rates prevailing in the black market. The former CBN governor emphasized the detrimental effects of reckless money printing on the Nigerian economy, warning of its long-term consequences. He stressed the need for sound economic policies and the importance of heeding expert advice to address the root causes of currency depreciation and wealth inequality.
According to him, “In the last eight years, the Central Bank continued to print more money, and the naira continued to depreciate. There is too much naira in circulation because the CBN is printing the currency without restraint. The economy was poorly managed, and they are not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done; those sycophants are those buying the dollar at the rate of N400 and selling it at the rate of N600 to N700. A boy who has no record of service has a private jet and owns houses in Dubai and England just because he is buying dollars at a low rate and selling them.”….CONTINUE READING>>>>>>
