Interview with Lamido Sanusi – “all the indicators of market confidence have gone up”


http://www.africa-confidential.com/special-report/id/22/What%27s-next-for-Nigeria%27s-banks%3f

Africa Confidential have published an interview with the Governor of Nigeria’s Central Bank Lamido Sanusi. Sanusi sounded very confident about the Nigerian economy. He talked about the after effects of his blitz on banks last year, criticism of his policies, his relationship with new President Goodluck Jonathan and the state of Nigeria’s economy.

I was very interested in how confident he sounded about Nigeria’s economy and his performance so far:

“When I became Governor of the Central Bank, the rate of inflation was 15%, as of March it was 11.8%. The differential between the official rate and the parallel market rate was about 25%, the naira was trading at 189/190 in the black market. It’s been down to about 150/152 for a year now the gap between official and parallel market rate is less than 2%. Interbank rates were at 22% and have now been down to about 2% for a long time, the stock market has gone up 30% since January (2010) so all the indicators of market confidence have gone up.”

You can also see a video interview with Sanusi here: http://www.abc.net.au/4corners/special_eds/20100524/money/

Economic indicator charts:

IMF

http://www.africa-confidential.com/uploads/documents/imf_charts_10_COL.jpg

World Bank:

http://www.africa-confidential.com/uploads/documents/wb_chart_10_COL.jpg

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