By Ogungbayi Adeyemi S. | adeyemi@ddnewsonline.com
Editor, DDNews |
The Emir of Kano, Muhammadu Sanusi II, has disclosed that former Presidents Umaru Musa Yar’Adua and Goodluck Jonathan respected the independence of the Central Bank of Nigeria (CBN) and never attempted to compel him to take specific monetary policy decisions during his tenure as CBN Governor.
Sanusi made the revelation in a recent public address, a video of which has been circulating widely on social media.
“I worked under President Yar’Adua and President Jonathan. And to be honest, in my years as Central Bank Governor, none of them tried to be overbearing politically,” Sanusi said.
“Yes, they would have issues; sometimes they would talk to me, and I would explain, but never did they try to compel me on monetary policy.”
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The former CBN governor recounted a particular meeting with former President Goodluck Jonathan, who had received complaints from the private sector about high interest rates.
According to Sanusi, Jonathan asked him to consider lowering interest rates. He explained to the former president that doing so would require increasing the money supply, which would trigger higher inflation and raise the prices of essential goods for ordinary Nigerians.
“I explained to him that only a small percentage of Nigerians have access to credit, but every Nigerian goes to the market. If I bring down interest rates, it is because I have printed money. These companies will have a lower cost of debt, but Nigerians will pay higher prices for food and other goods,” Sanusi recalled.
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He further warned that artificially lowering rates would inevitably lead to naira devaluation. When Jonathan asked for options, Sanusi reportedly told him he could bring rates down significantly but the naira would weaken sharply.
“He said, ‘No, I don’t want a devaluation.’ I said, ‘Then you can’t have low interest rates, sir,’” Sanusi narrated.
Sanusi served as Governor of the Central Bank from June 2009 until his suspension by President Jonathan in February 2014 amid controversies over alleged unremitted oil revenues.
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His latest comments come at a time of intense public debate about the independence of the Central Bank and the appropriate balance between political expectations and sound monetary policy decisions in Nigeria.
The Emir’s remarks have been interpreted by many as a subtle commentary on the current economic challenges and the relationship between the executive and the apex bank.
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