Former Central Bank of Nigeria (CBN) Governor, Sanusi Muhammadu Sanusi, has praised the current leadership of the apex bank for what he described as a “remarkable turnaround” in Nigeria’s monetary and economic stability.
Speaking on recent economic developments, Sanusi said he had “nothing but positive words” for the CBN’s policies, noting that the institution had successfully stabilized the exchange rate and curbed the reckless monetary expansion that once threatened the economy.
“We came from a period of very high instability due to loose monetary policy and uncontrolled growth in money supply,” Sanusi stated. “In the last one year, the central bank has worked hard to mop up excess liquidity. Yes, interest rates are high, but the result is evident, we’ve stabilized the naira and pulled back from the brink of total economic collapse.”
The former governor highlighted key economic improvements, including declining inflation, which he noted had fallen to around 20 percent, and a steady rise in foreign reserves now exceeding $40 billion.
Sanusi also pointed out that Nigeria’s economy recorded growth of over 3 percent in the first quarter and more than 4 percent in the second quarter of the year, outpacing population growth for the first time in years.
He described these gains as evidence that the CBN’s policy tightening and reform efforts are beginning to yield tangible results, restoring investor confidence and setting the economy on a path toward long-term stability.
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