Reported by: Ime Richard Aondofa | Edited by: Gabriel Osa
The Emir of Kano, His Royal Highness Muhammad Sanusi II, has commended the Central Bank of Nigeria (CBN) for its decisive monetary reforms, describing the Bank’s actions over the past year as instrumental in rescuing the nation’s economy from collapse.
Speaking on recent economic developments, the Emir lauded the CBN’s policy direction, noting that Nigeria is emerging from a period of financial instability caused by excessive liquidity and unrestrained money supply. “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,” he said.
He acknowledged that while interest rates remain high, the broader results show significant progress: “We have stabilized the exchange rate, inflation is coming down — it’s still at 20% but falling from much higher levels — and our foreign reserves have climbed to over $40 billion.” The Emir also emphasized that the economy is showing tangible growth, noting, “We’ve recorded more than 3% growth in the first quarter and over 4% in the second. For the first time in a long while, our economy is growing faster than our population.”
The Emir’s remarks highlight renewed confidence in Nigeria’s economic management and the steady impact of the Central Bank’s tightening measures aimed at restoring long-term stability.
📩 Stone Reporters News | 🌍 stonereportersnews.com | ✉️ info@stonereportersnews.com
📘 Facebook: Stone Reporters | 🐦 X (Twitter): @StoneReportNew
Add comment
Comments