Nigeria has had several renowned CBN Governors in the past. However, the duo of Sanusi Lamido Sanusi and his immediate predecessor are perhaps the two CBN Governors that have been in the limelight the most. They both have served/serving under civilian administration and have both witnessed various spectrum of economic crisis. It may be difficult to ascertain perhaps who did better with the economy until maybe sometime in the future when historians take an indepth flash back.
However, CBN Governors are often judged with how inflation rates were controlled during the period of their stewardship. After all the number one monetary policy of the CBN Governor is to lower inflation rate. So how have they faired individually? The chart below reveals some startling results;
SOLUDO May 2005-May 2009
SANUSI June 2009 To Date
The Sanusi years seemed to be the busiest of the two. The Sanusi years have been marked with inflation rates that have risen or declined in a rational manner whilst the Soludo years mostly rose or declined in a haphazard manner. Soludo years had a maximum rise of 6% and minimum of -8%. Contrast that to the Sanusi years that had a Maximum rise of 3% and minimum rise of -2.3%. You can make anything you want of this but for me it does mean Sanusi had a more hands on approach to micro economic policy whilst Soludo relied on Macro-economic policy to shape monetary policy. Soludo’s banking refors did jolt the economy more than it seems Sanusi’s. What do you think?