Nigeria's former Central Bank Governor Lamido Sanusi criticizes President Buhari's currency policy

Sanusi Lamido Sanusi (Muhammadu Sanusi II), Emir of Kano and former Governor of Nigeria’s Central Bank

Respected former head of Nigeria’s Central Bank Lamido Sanusi has said the government should end its policy of trying to maintain the value of the currency, the naira.

Mr Sanusi said the drawbacks of the policy “far outweigh its dubious benefits”, the Financial Times reports.

President Muhammadu Buhari told the BBC last week that he was not convinced of the need to “murder” the naira.

The falling oil price has put pressure on his currency policy.

The authorities are keeping the official naira rate at around 200 to the US dollar, but the black market rate is closer to 300.

Read more: Lamido Sanusi criticises Nigerian President Buhari’s naira policy – BBC News

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