- Emir Sanusi Lamido Sanusi has opened up about his time as governor of the Central Bank of Nigeria
- Sanusi said in his five years as governor of CBN, no politician influenced his decisions unduly
- According to him, CBN act is one of the best central bank acts in the world
Emir of Kano, Muhammadu Sanusi II, in an interview, said no politicians or president influenced his decision unduly or told him what to do in his five years as the governor of the Central Bank of Nigeria (CBN).
Sanusi said this during an interview with CNBC Africa at the annual conference of the Nigerian Bar Association (NBA).
He said: “Institutions are those things that lay the foundation for longterm growth and development. And when we speak of institutions, we are talking about the legal arrangements that define their roles; that also give transparency and consistency to their actions.
“Whether we are talking about independent electoral bodies, independent central banks, independent regulators or the police force, how do we get them to understand that they have a role that is in the service of the entire nation and not at the short term discretion of whoever happens to hold political power? This requires the legal framework that can assess them of their roles.
“I keep saying that the CBN act is one of the best central bank acts in the world. So, in terms of decision arrangement, we have it. But we also need the executive to respect that independence. We need the central bank itself to protect that independence. We need the legislature to ensure that is being done.
“Look, I was governor of central bank. In my five years as governor, I never had a situation in which politicians influenced my decisions unduly. Sometimes, they will like to have lower interest rates; sometimes, they will like you to be a bit softer, but none of the presidents I served ever said you must do this.
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“They didn’t express the view. If the central bank wanted to do it and it was within our purview, they allow us do it. Because of that, we were able to control the inflation, fix the banks. We were able to transform the payment system, do the BVN.”
Meanwhile, NAIJ.com earlier reported that Sanusi on Sunday, August 12, cautioned politicians who hide behind the mask of religion to exploit Nigerians adding that north, in the last two decades, was robbed of focus due to the politicisation of religion and culture.
Sanusi also noted that politicians turned religion into a vehicle for campaign, thereby exploiting the religious character and ignorance of the people.
Emir Sanusi blasts Nigerian leadership on NAIJ.com TV: