The Emir of Kano, His Royal Highness Muhammad Sanusi II, has commended the Central Bank of Nigeria (CBN) for its monetary policies over the past year, describing them as decisive steps that have stabilized the economy and reversed years of instability.
“I have nothing but positive words for what the Central Bank has done. We are coming from a background of very high instability as a result of loose money and uncontrolled growth in money supply, and the Central Bank has taken the last one year to mop up all that money,” Sanusi said.
Acknowledging the impact of recent reforms, the Emir noted that while interest rates remain high, the results have been encouraging.
“Interest rates are high, yes, but we have stabilized the exchange rate. We have pulled back from the brink of total economic collapse. Inflation is coming down—it’s still at 20%, but it’s falling from the very high levels of a few years ago,” he stated.
Sanusi further highlighted improvements in key economic indicators, noting that Nigeria’s foreign reserves have risen to over $40 billion, while the economy recorded growth of more than 3% in the first quarter and over 4% in the second quarter of the year.
“This is the first time in a long time that the economy has been growing faster than the population,” he added.
