Former central Bank of Nigeria, CBN Governor, Sanusi Lamido, has called on his successor to devalue the naira and warned that Africa’s biggest economy is in danger of a long term slump unless the government confronts slowing growth. Sanusi Lamido “Let’s stop being in denial, we cannot artificially hold up the currency,” Sanusi, now the Emir of Kano, Nigeria’s second-ranked Muslim leader, said in a speech he delivered on Thursday in Lagos broadcast on CNBC Africa. President Muhammadu Buhari “needs help on the economy,” he said. Buhari has said he opposes a weakening of the naira. Under current Governor Godwin Emefiele, Nigeria’s central bank has curbed dollar funding since March, virtually fixing the exchange rate, even as other oil exporters from Russia to Colombia and Kazakhstan have let their currencies weaken. Nigeria derives two-thirds of government revenue and 90 percent of export earnings from sales of the commodity. Limiting access to dollars has stabilized the naira, w...
News Fashion Politics Entertainment