I Won’t Seek Second Term – Lamido Sanusi

I Won’t Seek Second Term – Lamido Sanusi

The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, has said that he will not renew his contract as the apex bank chief when it expires in 2014.

I Won’t Seek Second Term – Lamido Sanusi

Bloomberg quoted Sanusi as saying in an interview with CNBC that he was never interested in staying longer than one term.

Appointed in the midst of a debt crisis, Sanusi fired the chief executives of eight banks within four months of taking office after an audit found evidence of mismanagement and reckless lending against the bank chiefs.

 He has pushed for stability in the currency and helped bring inflation down below 10 per cent, while at the same time antagonising lawmakers by criticising their spending and courting controversy for his outspoken views.

The Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, said, “That quality of character, that boldness is a quality that will be difficult to find amongst policy makers in Nigeria.”

Speculations by industry watchers have pointed to the Managing Director, Access Bank Plc, Mr Aigboije Aig Imoukhuede, as a successor of the CBN governor.

A newspaper report (not The Punch), said the Access Bank boss enjoyed robust relationship with President Goodluck Jonathan and viewed as one of the most influential bankers  in Nigeria.

Meanwhile, the naira depreciated to the lowest in almost a week as the CBN offered fewer dollars at an auction, offsetting its decision to hold the key lending rate at a record high to support the currency.

The currency fell by 0.2 per cent to N158.95 per dollar, according to data compiled by Bloomberg.

The CBN sold $280m at its auction on Wednesday less than the $300m given out at the previous sale on March 18.

 The Monetary Policy Committee kept its benchmark interest rate at a record high of 12 per cent for a ninth consecutive meeting on Tuesday to support the naira.

An analyst at Sterling Capital Limited, Mr. Sewa Wusu, said, “Traders reacted to lower dollar supply by the CBN amid rising demand. The policy rate should boost naira overtime as it checks liquidity of the local unit.”

The yield on the country’s 16.39 per cent domestic bonds due January 2022 declined 34 basis points to 11.26 per cent in the secondary market, according to data compiled on Tuesday by the Financial Markets Dealers Association.

Source: Naij.com

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