Naira Depression and What Sanusi Can Do (II)a

By

Sampson Iroabuchi Onwuka

The job of Sanusi as Central Bank Chairman is moderating price and wages. In essence, he is the moderator, the interventionist, the referee, the practical See if not the brain behind the Nigerian banking system and the one that proclaims the agreement of the banking institution. He has direct emphasis on wages and price and from these economic standpoint, we must understand his role as a Governor. The functional dynamics of wage and price as part of his job is tied to the Naira. In everywhere, the balkanization of the Naira is the man’s chief concern.

He has prodded on the bankers and banking institution but his attention should be not misplaced as a man in charge of what happens to the Nigeria credit facility and the very unit of exchange. The continuous time depreciation of Nigerian Naira means that Sanusi is failing in his primary duty as Governor, or at least, he is losing the war on his primary duty which is the stability of the Naira. But of course, the banking institution had other problems before his inception in office, and Sanusi’s argument is that he had to deal on the condition, perhaps before turning his attention to the currency, the buying power. But the current argument that Sanusi’s credit as a banker is appreciably fair in terms of his administration reform (? ) may be taken seriously by view of what a stronger administrative cohesion will do for the later part of the economy.

But the tight rope around the banking institution may yet prove too strong for civilian participation and may show signs of wearing since the CEOs of Banks are no longer trusted. Bank Supervision in terms of Sanusi can mainly yield a lack of faith in the industry and then failure for Banks to perform. I have argued that some of his actions are not based on any real saving a string of pre-conceived notion. However, Sanusi’s has also won the admiration of some Nigerians, and lately at NVS, he was even diagnosed by Azu Mary of being a ‘misunderstood patriot’. Some question the meaning of the praises on him on account of what is missing from the general economy and others accept it, in view that Nigerian banking as they claim was a formerly corrupted house until Sanusi arriving. But since his inception, Naira has been a down ward spiral and it is on this public evidence can be begin to remind ourselves that the Nigerian society is often obtuse on more critical issues since partisanship exist in the many rungs of the society, including Banking