According to the report from the Vanguard, the former governor of the Central Bank of Nigeria, Dr. Lamido Sanusi accused the Central Bank of Nigeria of recklessly printing money, which has led to the depreciation of the naira. He blamed the poor management of the economy on the CBN’s refusal to listen to advice and the sycophancy of those who benefit from the currency exchange rate. He cited the example of a young man who has become extremely wealthy by buying dollars at the low official rate and selling them on the black market.
He said, “In the last eight years, the Central Bank continued to print more money, and the naira continued to depreciate. There is too much naira in circulation because the CBN is printing the currency without restraint. The economy was poorly managed, and they are not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done; those sycophants are those buying the dollar at the rate of N400 and selling it at the rate of N600 to N700.
A boy who has no record of service has a private jet and owns houses in Dubai and England just because he is buying dollars at a low rate and selling them.”