This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/world-africa-35522635
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Lamido Sanusi criticises Nigerian President Buhari's naira policy | Lamido Sanusi criticises Nigerian President Buhari's naira policy |
| (35 minutes later) | |
| Respected former head of Nigeria's Central Bank Lamido Sanusi has said the government should end its policy of trying to maintain the value of the currency, the naira. | Respected former head of Nigeria's Central Bank Lamido Sanusi has said the government should end its policy of trying to maintain the value of the currency, the naira. |
| Mr Sanusi said the drawbacks of the policy "far outweigh its dubious benefits", the Financial Times reports. | Mr Sanusi said the drawbacks of the policy "far outweigh its dubious benefits", the Financial Times reports. |
| President Muhammadu Buhari told the BBC last week that he was not convinced of the need to "murder" the naira. | President Muhammadu Buhari told the BBC last week that he was not convinced of the need to "murder" the naira. |
| The falling oil price has put pressure on his currency policy. | The falling oil price has put pressure on his currency policy. |
| The authorities are keeping the official naira rate at around 200 to the US dollar, but the black market rate is closer to 300. | The authorities are keeping the official naira rate at around 200 to the US dollar, but the black market rate is closer to 300. |
| Africa Live: BBC news updates | Africa Live: BBC news updates |
| Nigeria's supercar sellers hit by economic slow-down | Nigeria's supercar sellers hit by economic slow-down |
| The government relies on oil exports for vital foreign exchange and the declining price means there are fewer dollars in the country. | The government relies on oil exports for vital foreign exchange and the declining price means there are fewer dollars in the country. |
| "The government does not have the reserves to keep the exchange rate at its official level in the market, " Mr Sanusi told the Financial Times. | "The government does not have the reserves to keep the exchange rate at its official level in the market, " Mr Sanusi told the Financial Times. |
| The policy has "never worked" wherever it has been tried, he added. | The policy has "never worked" wherever it has been tried, he added. |
| But Mr Buhari told the BBC that he is yet to be convinced that he should allow the currency to be devalued. | |
| In an effort to sustain the policy, the government has imposed currency restrictions, and halted the importation of certain goods in order to stop dollars leaving the country. | In an effort to sustain the policy, the government has imposed currency restrictions, and halted the importation of certain goods in order to stop dollars leaving the country. |
| Mr Sanusi was the central bank governor from 2009 to 2014, when he was suspended by then-President Goodluck Jonathan following a row over corruption in the oil sector. | Mr Sanusi was the central bank governor from 2009 to 2014, when he was suspended by then-President Goodluck Jonathan following a row over corruption in the oil sector. |
| He is now the emir of Kano, an influential religious post among Muslims in Nigeria. | He is now the emir of Kano, an influential religious post among Muslims in Nigeria. |