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In other words, bank could now keep only 2% of their assets as cash! Serious analysts would consider such accommodation as patently reckless and skating on thin ice, especially in a country with a heavily cash dependent economy; liquidity ratio of banks was similarly inappropriately reduced from 40%… to 25% and government treasury bills holdings were also admitted as a component of liquidity ratio.

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The putrid mess also in CBN! (3)

The critical failure of the CBN is in its key role in managing price stability in the economy; price stability is defined as ”the ability of a Central Bank to moderate inflation, attain stable interest and exchange rates and create a conducive climate for long term growth and development” (Section 2 of the CBN Act 2007). Indeed, the failure of CBN in its role of banking supervision, regulation and currency management are, in fact, the symptoms of failure in the management of price stability.

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The Putrid Messalso in CBN! (2)

The Governor of the Central Bank of Nigeria, Lamido Sanusi continues to leave no one in doubt that CBN reforms and sanitization of the banking sector is ongoing. Late in January 2010, the CBN once again unsheathed its sword to truncate the erstwhile unlimited tenure of Chief Executive Officers of banks to a maximum tenor of 10 years!

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CBN, stop this nonsense

The incumbent Central Bank Governor, Lamido Sanusi, has stubbornly decided to continue the destructive and suicidal monetary and foreign exchange market policies of his predecessor. In this event, this article, which was first published in 2006, with progressive supplementary comments in this column on 23/3/2009, is today 18/1/2010 reproduced for objective public evaluation!

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