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CBN won’t allow stocks to crash again – Sanusi

LAGOS—The Central Bank of Nigeria, CBN has said it would not allow the stock exchange to crash again adding that economic growth is now the focus of its policy
CBN Governor, Mallam Lamido Sanusi said this at the on going Nigeria Economic Summit holding in Abuja.

“The (equity) market will go back up but if it goes back to 2007 (levels), I will stop it. I will starve it of oxygen. I will shut down money supply,” he said.
“Now our primary concern is to ensure the economy does not go into recession and to stimulate growth. It is not time to put on the brakes,” he said.

Sanusi said credit to the private sector rose 20 percent between March and November and had risen successively each month in that period.

Consumer inflation rose to 12.4 percent year-on-year in November from 11.6 percent the previous month, the Bureau of National Statistics said earlier, as volatile fuel prices pushed up transport costs.


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