Friday, 21 February 2014

Nigeria: Naira Fluctuated, Depreciated Over Sanusi's Suspension - Okonjo-Iweala


Lagos — Operatives of the Department of State Service (DSS) yesterday seized the travelling documents of the suspended Governor of the Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi at the Murtala Muhammed International Airport in Lagos.
This came as Dr. Okonjo-Iweala admitted fluctuations and slight depreciation of the Naira following the break of the news of Sanusi's removal but expressed optimism that the market should normalize after her assurances.
Mallam Sanusi who arrived Lagos from Niger Republic, where he had gone to attend a meeting of governors of central banks in the West African sub-region was accosted by plain clothed operatives of DSS who detained him briefly and insisted that he must surrender his passport to them.
They also insisted that he would not be allowed to leave the airport until the Lagos State director of the DSS arrived.
However, after communicating with their superior, the DSS officials allowed the CBN Governor to leave but only after his passport had been confiscated.
Upon arrival in Lagos, Mallam Mr. Sanusi's associates and friends, led by a former Minister of the Federal Capital Territory, Nasir El-Rufai, were on ground to receive him at the airport.
They drove out of the airport in a convoy heading towards Ikoyi. A member of the delegation said Mr. Sanusi was heading to a friend's place to relax.
Okonjo-Iweala assures on policies
The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, yesterday assured that the removal of Mallam Sanusi would not adversely affect the stability of the nation's economy as the President Goodluck Jonathan administration would continue its tight fiscal and monetary policies.
She said: "Of course since the news broke there have been concerns in the markets which is not unusual. When there is movement of one of the major people managing the economy, there is bound to be some reactions but I just want to use this opportunity to focus on assuring market participants of the resolute attention that this government will be paying to managing this economy. Our objective remains to maintain macroeconomic stability. That has been the hallmark of this administration".

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