Former Emir of Kano, Muhammad Sanusi, has revealed how the
Central Bank of Nigeria (CBN) weakened the naira.
Sanusi stated that the CBN’s lending to the federal
government under the administration of former President Muhammadu Buhari,
through ways and means, triggered inflationary pressure in Nigeria, resulting
in the depreciation of the Naira’s value.
Speaking at MTN Capital Markets Day on Tuesday, Sanusi
pointed out that the CBN had engaged in aggressive monetary tightening using
various liquidity control instruments, including open market operations, Open
Buy Back (OBB), and high T-bills rates.
He explained that these measures indicated the apex bank’s
commitment to its core mandate of maintaining financial system stability and
controlling inflation.
“I am optimistic, especially in the short term. We’ve had
eight years of rapid expansion of the central bank’s balance sheet through ways
and means.
“And that has fueled inflation and weakened the currency.
And that is a fact,” he said.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com