Buhari’s policies disappoint me - Sanusi Lamido Sanusi

I am Disappointed in Buhari’s Anti-corruption war - Sanusi Lamido Sanusi

Former central bank governor of Nigeria, Sanusi Lamido Sanusi, said that the exchange rate policies backed by General Muhammadu Buhari are doomed to fail, Financial Times newspaper reports.

Lamido Sanusi, who was the immediate past governor of the Central Bank of Nigeria (CBN) told FT that he was disappointed to see  Buhari’s strong security and anti-corruption efforts overshadowed by a monetary policy regime with “very obvious drawbacks that far outweigh its dubious benefits”.

Buhari has made it very clear he was running the show in the Nigeria's Central Bank. The CBN last year imposed tight capital controls and pegged the currency, the naira, at an official rate currently 35 per cent stronger than the black market rate.

The policies sparked capital flight and damaged the West African state’s reputation as a frontier market investment destination, the Financial Times newspaper reports.

The Nigeria's naira is essentially dead as it continues on a non-stop downward slide since Buhari came into power.

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