Sanusi Revealed How Central Bank Of Nigeria (CBN) Weakened Naira

On Tuesday Speaking at MTN Capital Markets Day, former Emir of Kano, Muhammad 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.

Also, the former CBN president Muhammad Sanusi, has revealed how the Central Bank of Nigeria (CBN) weakened the naira, 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.

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 fuelled inflation and weakened the currency. And that is a fact,” he said.