Home Finance I will not seek second term as CBN Governor, Sanusi tells GEJ

I will not seek second term as CBN Governor, Sanusi tells GEJ

by Business News Report

—Do not have any social media account

By Omoh Gabriel, Business Editor

The Governor, Central Bank of Nigeria, Mallam Sanuis Lamido Sanusi has restated his position of not seeking a second term as Governor Central Bank of Nigeria. Sanusi shed more light on his decision not to vie for second term in office saying “I informed the president going back to 2011 that I would not be interested in serving for two terms’,’ Sanusi said adding that “the job has been done, largely”.

According to Mallam Sanusi, he intimated President Goodluck Jonathan way back in 2011 that he would not be interested in seeking second term in office on the expiration of the present tenure in June 2014. The apex bank Governor who re-echoed his stance on second term in a chat with Bloomberg on March 24, 2013 in Lagos, stated categorically that he would not seek renewal of tenure as he considers a single term enough to make a lasting positive impact in the financial system and the economy in general.

On the issue of retention of the 12% Monetary Policy Rate (MPR) which serves as the benchmark for interest rate, Mallam Sanusi noted that “my own inclination is to just hold and just continue doing what we’re doing, because it has worked very well,” “But I’m only one vote in the Monetary Policy Committee and as you can see, the votes to ease are beginning to increase.” More MPC members may follow by voting for rate cuts, Sanusi said.

CBN Governor further cautioned on the quest for low interest rate thus “the impact of interest rates below inflation could be “horrendous” for economic stability,so in the short term the country has to live with high rates.” Answering question on inflation, Mallam Sanusi, said that “our own forecasts don’t show us getting back to the kind of 12 to 13 percent levels we saw last year,” he said. “Inflation is where we’d like it to be, exchange rates are stable, reserves are heading towards and will soon cross $50 billion.”

On the foreign exchange market, he stated that “unless there’s some major external shock, the foreign- currency market looks to me one in which we can have stability,” and noted that the Bank has enough reserves to defend the naira and “keep it where we want,” It will be recalled that the House of Representatives passed a resolution on February 20, 2013, ordering its committee on banking and currency to request the central bank lower its policy rate to below 10 percent to encourage borrowing and investment.

Meanwhile Mr Ugochukwu A. Okoroafor CBN Director, Corporate Communications in a statement said “The attention of the Central Bank of Nigeria (CBN) has been drawn to various postings on social media platforms (Facebook, Twitter, and so on), purported to have been made by the CBN Governor, Mallam Sanusi Lamido Sanusi. We wish to state unequivocally as follows: That the CBN Governor currently has neither a Facebook nor a Twitter account. That any such account, purported to belong to the CBN Governor, is fake. Therefore, any such statement or post, purported to have been made by the CBN Governor, is false.

“That in the last six months, there have been deliberate efforts by unknown elements to use the internet, with its social media extensions, to tarnish and malign the image and reputation of the CBN Governor. That efforts at tackling this menace had been yielding positive results as over 100 of these fictitious accounts had been closed with the collaboration of the Facebook authorities.

“That currently there is a criminal case against one of the elements using these channels to defraud unsuspecting members of the public. That the relevant law enforcement agencies have been duly notified of these developments. We therefore urge members of the public to disregard these fake accounts and their false and malicious contents as they are calculated to deceive the public, malign the reputation of the CBN Governor and cause disaffection in the country”.

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