The Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi II, has commended the CBN's recent economic reforms, saying Nigeria's economy is now expanding at a rate that exceeds population growth for the first time in years.
Speaking during the 31st Nigerian Economic Summit, Sanusi said the apex bank had made significant progress in restoring macroeconomic stability by tightening monetary policy and reducing excess liquidity in the financial system.
According to him, the country had previously experienced economic instability due to excessive money supply and loose monetary policies. He noted that the CBN spent the past year addressing these challenges by withdrawing surplus funds from circulation.
Sanusi stated that the reforms have helped strengthen the economy and laid the foundation for sustainable growth.
His comments come shortly after the CBN retained the Monetary Policy Rate (MPR) at 26.5 percent for the second consecutive meeting as part of efforts to keep inflation under control. Nigeria's inflation rate stood at 15.91 percent in June 2026.
The former CBN governor expressed confidence that the current monetary policies would continue to support economic stability and long-term growth.
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