The former Governor of the Central Bank of Nigeria (CBN) and Emir of Kano, HRH Sanusi Muhammad Sanusi II, has thrown his support behind the CBN’s monetary policies, asserting that the nation has been pulled back from the brink of total economic collapse.
Speaking at the ongoing Nigerian Economic Summit Group (NESG) conference, the Emir offered nothing but positive words for the apex bank’s recent actions, noting that the central bank had spent the past year actively mopping up funds following a period of high instability caused by loose money and uncontrolled growth in money supply.
Sanusi acknowledged that interest rates remain high but stressed that this measure was necessary to achieve stability.
He highlighted two critical signs of recovery: the CBN’s efforts have successfully stabilized the exchange rate and built Nigeria’s foreign reserves to over $40 billion.
The Emir also noted the positive trend in inflation, stating, “Inflation is coming down, it’s still at 20% but it’s coming down from the very high levels of a few years ago.”
Crucially, the former CBN Governor pointed to robust growth figures, stating that the economy grew by more than 3% in the first quarter and more than 4% in the second quarter.
He described this as a major milestone, saying, “This is the first time in a long time that the economy has been growing faster than the population.”
The Emir’s comments serve as a strong endorsement of the CBN’s contractionary measures and focus on achieving macroeconomic stability.