Nigeria Has Pulled Back from Economic Collapse - Emir of Kano, Muhammad Sanusi II Praises CBN Reforms

 

The Emir of Kano, Muhammad Sanusi II, has praised the Central Bank of Nigeria (CBN) for its efforts in stabilizing the economy. According to him, the CBN's policies have helped pull the country back from the brink of total economic collapse.

The CBN's actions, including mopping up excess liquidity and implementing monetary policies, have led to a stabilization of the naira. Although interest rates are high, the Emir believes the outcome is worth it.

Speaking on recent economic developments, Sanusi, praised the Central Bank of Nigeria's (CBN) recent policies, stating they have successfully stabilized the exchange rate and controlled excessive money supply, which previously posed a threat to the economy. He expressed his full support and positivity towards the CBN's actions.

Sanusi disclosed that the Central Bank of Nigeria's (CBN) policies are showing positive results, with inflation declining to around 20% and foreign reserves exceeding $40 billion. He also stated that the Nigerian economy has seen significant growth, with a 3% growth rate in the first quarter and over 4% in the second quarter, outpacing population growth.

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According to him, these gains indicate that the CBN's policy tightening and reform efforts are restoring investor confidence and setting the economy on a path toward long-term stability 

“We came from a period of very high instability due to loose monetary policy and uncontrolled growth in money supply,” Sanusi stated. “In the last one year, the central bank has worked hard to mop up excess liquidity. Yes, interest rates are high, but the result is evident, we’ve stabilized the naira and pulled back from the brink of total economic collapse.”