Nigeria will have to devalue the naira and loosen monetary policy to stimulate Africa's biggest economy hit by a plunge in oil prices, former central bank governor Lamido Sanusi said on Friday, criticising the bank's currency policy.

Sanusi was removed in 2010 after he raised concern that tens of billions of dollars in oil revenues had not been remitted to state coffers.

"It is wrong to think that you can keep the naira at a certain level when the price of oil is falling without depleting your reserves," Sanusi told CNBC television. "It does not speak well of us to pretend that the naira is appropriately priced."

Central bank Governor Godwin Emefile has ruled out another naira devaluation, saying repeatedly the currency was "appropriately" priced despite a sharp fall of oil revenues whacking public finances. Emefiele's has won backing from President Muhammadu Buhari for his stance.

Sanusi, who is now the emir of Kano in Nigeria's Muslim north, also criticised foreign currency restrictions imposed by the central bank, which have frustrated local firms struggling to get dollars.

He also said interest rates were too high. The central bank let the main benchmark rate unchanged at 13 percent at its last monetary policy meeting in September while cutting the banks' cash reserve ratio to 25 percent from 31 percent.

"It's time to loosen monetary policy. We need to lower interest rates otherwise we compound an exchange rate crisis for businesses with high borrowing costs and declining demand," Sanusi said.

Source-> http://mobile.reuters.com/article/idUSL8N12N32I20151023

Lalasticlala
Obinoscopy

Sorry sir but your time is over.im just angry the year is almost over nd nigeria as a country has no direction or agenda.its not that i dnt like buhari but he should hurry up

We need "body language".

"I will make the Naira equal to the dollar" - B00HARI.

As PDP senator's kept quiet when Chibuike
Amaechi was in their midst.... So shall your
enemies keep quiet when it's your turn to
shine.....

We need Buhari's body odor

Help me tell them o..

ok

The Nigerian economy is in a serious mess with lot of job losses. The earliest the president and his party APC understand the better.

I think this old aboooki is high on expired Viagra he takes to satisfy that 18 years old girl he just snatched from the nursery!

Shey he go talk that under a southerner?

But now, he will talk bullshit to support the ineptitude of his fellow northerner.

And he thinks the rest of Nigerians be mumu abi?..

Nonsense!

Body language will do it.

Bring back soludo as cbn governor...he's all we need now

if the naira would be devalued, it should be done with the consideration of its pros and cons to the economy, business and how it can affect the purchasing power of the common man.

This i believe would guide the making of a sound policy directions .

Ok

Fact

Wow!

opportunities every where , But its crazy how 90% people see doom

Currency devaluation is d song of IMF n WORLD BANK however they r nva in d interest of common man.not surprise it's coming frm Sanusi
Get a soft/hard copy of "confession of an economic hitman" by john perkins to understand my point

We may not need all that if Sanusi submits himself for probe instead of getting VP Osinbajo to buy him protection from our courts, not so

barcanista:
Since I was born, I have never witness the kind of hypocrisy, double standard and demonisation that is currently perpetrated by Muhammadu Buhari, the APC, Alhaji Sanusi, Osinbajo and their "good governance crusaders" against the person of President Goodluck Jonathan, Allison Madekwe, and other government officials.

Alhajis Buhari and Sanusi and APC have been going about using every platform to talk about a "missing $20b", cheered by their hypocritical followers that pride themselves as good governance crusaders. They have deliberately gone blind over the fraud of CBN under Sanusi as outlined by the Financial Reporting Council of Nigeria report in February 2014.

Sanusi Indicted And Removed For Fraud
According to the report (see below) Sanusi was indicted for Gross Misconduct that bothers on fraud and financial recklessness among other offence. The FRCN subsequently advised Mr President to remove Lamido Sanusi from office for further investigation and probe after the explanation of Sanusi appeared more like a tale and outrightly illogical according to FRCN. The council indicates that the explanation provided by Sanusi is “a clear display of incompetence, nonchalance, fraud, wastefulness, and abuse of due process and deliberate efforts to misrepresent facts on the part of the leadership of the CBN.”

The council advised the President to exercise the powers conferred on him by Section 11(2)(f) of the CBN Act 2007 or invoke Section 11(2)(c) of the said Act “and cause the governor and the deputy governors to cease from holding office in the CBN.”


April 2014: VP-elect Yemi Osibanjo Filed Case To Stop Sanusi Probe
Rather than Sanusi to prove his innocence in court, he filed a case in Federal High Court, Lagos to STOP FRCN and Other Security Agencies from investigating and prosecuting him through three Senior Advocates of Nigeria, Prof. Yemi Osibanjo, Dr. Kanyinsola Ajayi and Kola Awodien.
http://www.theguardianmobile.com/readNewsItem1.php?nid=24587

13 May 2014: Lagos Judge Tshoho Grants Sanusi Prayers
High Court Judge John Tshoho rather than uphold the constitutional powers of FRCN to investigate probe Sanusi, he granted the prayers of Lamido Sanusi and BARRED FRCN from further investigation or probing Sanusi Lamido Sanusi. In his own words...
“Prejudice is very pronounced in the language of that document. The language of the briefing note (transmitted by the FRCN to the presidency) conveys a sense of the defendant desperately goading the presidency to deal with the plaintiff,”
“The plaintiff submitting himself for investigation (by FRCN) is like the cockroach finding itself in the midst of fowls. Such a cockroach cannot be innocent,”.
http://www.tv360nigeria.com/?p=11923

Despite the fact the President Jonathan commissioned PWC to audit NNPC books to ascertain the veracity or otherwise of Sanusi's claim, Buhari, APC, Sanusi and their online agents that parade themselves as good governance and anticorruption apostles have been crying blue murder but refused to comment on the FRCN report nor the APC's VP elect role in shielding Sanusi for probe.

April 26, 2015: Buhari's Display of Hypocrisy
In his usual hypocrisy, General Buahri vowed to re-visit the $20b allegation but said NOTHING about the FRCN report. In his own word... “Imagine a situation where the former CBN governor who by God ‘s grace would later become the  Emir of Kano raised an  issue of missing billions of money, not in Naira but in Dollars, $20 billion.
“What happened, instead of investigating to know whether it was true that the money was missing or not, they simply found a reason to remove him. So these are the issues we are talking about…"
Contrary to the lies of Alhaji Buhari, Sanusi wasn't removed because he raised alarm, he was removed because he was indicted by FRCN. Jonathan also never kept mute, he commissioned PWC to audit the books. Buhari was also blind to talk about prosecuting Sanusi for the CBN fraud. Perhaps the Emir is as "incorruptible" as him(Buhari)

[size=14pt]The FRCN’s report on Sanusi[/size]



[img]https://www.nairaland.com/download/660265[/img]



The decision to suspend the Central Bank of Nigeria Governor, Sanusi Lamido was based on a report of the Financial Reporting Council of Nigeria dated June 7, 2013.

The report was made after a review of Sanusi’s response to the query issued to him by the President over the apex bank’s financial statement of 2012. His response was dated May 20, 2013.

According to a copy of the report obtained by our correspondent on Thursday, the council indicates that the explanation provided by the suspended CBN governor is “a clear display of incompetence, nonchalance, fraud, wastefulness, and abuse of due process and deliberate efforts to misrepresent facts on the part of the leadership of the CBN.”

The council advised the President to exercise the powers conferred on him by Section 11(2)(f) of the CBN Act 2007 or invoke Section 11(2)(c) of the said Act “and cause the governor and the deputy governors to cease from holding office in the CBN.”

The report read: The particulars of the infractions against Sanusi are:

Persistent refusal and/or negligence to comply with the Public Procurement Act in the procurement practices of the Central Bank of Nigeria.

(A) By virtue of Section 15 (1)(a) of the Public Procurement Act, the provisions of the Act are expected to comply to ‘all procurement of goods, works and services carried out by the Federal Government of Nigeria and all procurement entities.’ This definition clearly includes the Central Bank of Nigeria.

(B) It is however regrettable that the Central Bank of Nigeria, under his leadership, has refused and/or neglected to comply with the provisions of the Public Procurement Act (PPA). You will recall that one of the primary reasons for the enactment of the PPA was the need to promote transparency, competitiveness, cost of effectiveness and professionalism in the public sector procurement system.

More from: http://www.punchng.com/news/the-frcns-report-on-sanusi/

Kerry be like: GEJ we miss you sha!!!!!

Buhari how far...Oya listen to your brother, Sanusi. He is not corrupt and has never taken bribe.

Intervening in this public way just months after leaving office is unprofessional.

It undermines Mr Emefiele.


Mr Sanusi is either an Emir or an Economist. He can't be both.

liberty300:
Bring back soludo as cbn governor...he's all we need now

Soludo killed CBN feel free to ask any staff there

We need Tony Elumelu

DUH? That is the obvious thing to do but our Cow herder of a president can not get it! Can you blame him, when he barely has a school leaving certificate anyway! And so called literates put him in power!

If you leave CBN they will devalue it like they were doing during Jonathan's time but this olodo president will not gree. The economy is soooo bloody tight and everything is constrained because of these desperate policies. Investors have pulled out and we are now in a recession.

Rubbish! Abeg we need a correct finance minister and not a bloody puppet!

Devalue?!
Abeg, let me pay bills first.

Am not an economy expert, so am not gonna comment.....

Sanusi should calm down and concentrate on his Emirates. ......CBN is in a save hand. Buhari is also comfortable with the CBN monetary policy.

I no longer listen to Nigerian professionals they would rather take a bigoted perspective of any issue than professional perspective.

But for SLS I take an exception

ajepako:
I think this old aboooki is high on expired Viagra he takes to satisfy that 18 years old girl he just snatched from the nursery!

Shey he go talk that under a southerner?

But now, he will talk bullshit to support his fellow northerner.

As if we're mumus like his people..

Nonsense!

Counter his claim or shut your cannibalism mouth.

soon u go devalue urself to please ur wife

I second that.

Idrismusty97:
Counter his claim or shut your cannibalism mouth.

Actually, im not a cannibal

I leave that to you..

And yeah.. I love you too

True