Emir of Kano and former Central Bank of Nigeria (CBN) Governor, Lamido Sanusi, says Nigeria has successfully pulled back from the brink of economic collapse following key monetary reforms by the apex bank.
Speaking in an interview with News Central on Wednesday, Sanusi credited the CBN’s recent policies for stabilizing the economy after a period of severe instability.
“We’re coming from a background of very high levels of instability as a result of loose money, and the Central Bank of Nigeria has taken the last one year to mop up all that excess liquidity,” he said.
According to him, the country’s exchange rate has stabilized, inflation—though still high at around 20%—is steadily declining, and foreign reserves have risen above $40 billion.
Sanusi added that Nigeria’s economy expanded by more than 3% in the first quarter and over 4% in the second quarter of the year—marking the first time in years that economic growth has outpaced population growth.
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