For all the plaudits he gets abroad, Nigeria’s central bank governor, Sanusi Lamido Sanusi, is often the target of heavy criticism within his home country from politicians, media pundits and even some financial analysts.
Plenty of ire is directed towards the Central Bank of Nigeria’s tight monetary policy. It has kept its benchmark interest rate at 12% since October 2011, despite facing calls to cut it, and increased banks’ cash reserve requirement from 8% to 12% last July. Such measures, say critics, have left businesses struggling to access funding.
