Former Emir of Kano, Sanusi Lamido Sanusi has made a revelation.
Sanusi, a former Governor of the Central Bank of Nigeria (CBN) said:
“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.”
“The CBN has engaged in aggressive monetary tightening using various liquidity control instruments, including open market operations, Open Buy Back (OBB), and high T-bills rates.”
“These measures indicate CBN’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 fueled inflation and weakened the currency. And that is a fact.”