mabotech:

Is the Lamido Sanusi, a relative or associate of the former cbn governor b4 Charles Solude.

No. Joseph Sanusi (former cbn governor) is a yoruba from Ondo state. Lamido Sanusi is a fulani prince from Kano. He is the son of a former Emir of Kano that reigned in the mid-20th century. The only common indices with them is the position of the Managing Director of First Bank.

Only a seasoned banker can rise to become the FirstBank MD.

I think the guy will do well. As an Islamic scholar, he has an idea of what honesty and good corporate governance is about.

well, wish him d best. lets just watch n see wat happens.

speakin of yar adua, just thot shud let u know that there's a competition in the graphics section to model our president in 3d. you guys can please go and check it out and vote for the best entry.just click here
https://www.nairaland.com/nigeria/topic-263069.96.html

ndu_chucks:

Me I no think say Sanusi go replace Soludo. Person wey dem dey replace no dey announce the kind major policy change wey Soludo announce on Saturday.

See the link  http://www.tribune.com.ng/25052009/news/news3.html

This is exactly what am talking about

The President has an attitude of telling so many different things to different people . . . . .and dont be suprised to learn that as late as last week the president may have told soludo to ignore everyone and contnue his job.

take for example  .   . . . . .tinubu went into meeting with the president during the ekiti saga and came out scolding okiro and akunyili to get their briefs right. . . . .well in the light of the later events its obvious that Tinubu was the one who got the wrong brief.

So as far as Sanusi issue is concerned . . . .this President may have told Sanusi he is the next CBN Governor while also telling Soludo to ignore everyone and carry on with his job in good faith,  . . . . .we can only know the truth when he sends someones name to the NASS

Yaradua should talk about his replacement first before thinking of replacing anyone.

PurestBoy:

Yaradua should talk about his replacement first before thinking of replacing anyone.

lol!!!!!!!!!

PurestBoy:

Yaradua should talk about his replacement first before thinking of replacing anyone.

KAI!! YARD don suffer. . .

There is a saying that: Do not judge a book with it's cover, Let's try him and see how our naira will make impact in the international Community.

ThinkRait:

As an Islamic scholar, he has an idea of what honesty and good corporate governance is about.

What has being an islamic scholar got to do with banking? Does being an islamic scholar make him less corrupt? Does religion make a Nigerian less corrupt?

Afaukwu:

What has being an islamic scholar got to do with banking? Does being an islamic scholar make him less corrupt? Does religion make a Nigerian less corrupt?

de man pass ordinary islamic scholar. Him get sense well well, watch am here:

http://www.cnbc.com/id/15840232?video=1130139163&play=1

Im happy to hear this. If Soludo is the "best" Governor to have run cbn why has the naira continued to depreciate? Why does our economy keep falling? I just want answers not a fight. And nothing about his religion has to do with this.

@jayon
thank you jare

BenHundred:

Im happy to hear this. If Soludo is the "best" Governor to have run cbn why has the naira continued to depreciate? Why does our economy keep falling? I just want answers not a fight. And nothing about his religion has to do with this.

It's because having an undiversified economy, your only source of foreign exchange earnings has taken a serious beating. No one can do much about the value of the Naira in the open market aside artificial interventions or letting loose the foreign reserves.
He's neither your finance minister nor your president. He can do little or nothing about jobs, NEPA and infrastructure. The best he has accomplished is the boost to the economy, the financial sector where he's got control is offering under his care.
Basic Economics is required for threads like this!

adigun101:

It's because having an undiversified economy, your only source of foreign exchange earnings has taken a serious beating. No one can do much about the value of the Naira in the open market aside artificial interventions or letting loose the foreign reserves.
He's neither your finance minister nor your president. He can do little or nothing about jobs, NEPA and infrastructure. The best he has accomplished is the boost to the economy, the financial sector where he's got control is offering under his care.
Basic Economics is required for threads like this!

and what of the fact that Soludo's policy to move away from the old DAS to the new speculative forex auction market, resulted in an inflated demand for forex and thus an associated decline in the value of the naira?
Nigeria has its forex problems, but Soludo's policies have not helped the value of the Naira.

biina:

and what of the fact that Soludo's policy to move away from the old DAS to the new speculative forex auction market, resulted in an inflated demand for forex and thus an associated decline in the value of the naira?
Nigeria has its forex problems, but Soludo's policies have not helped the value of the Naira.

The greatest problem we face in terms of Forex is the fact that Governors and Corrupt politicians convert illegal money to dollars every month so that they will wire them abroad. With that the demand for dollars becomes so high even though it is not due to a need to do legitimate business.

Soludo's Forex policy includes a Framework that regulates Forex so that those who deal in them can be tracked and u must have to deal in them through legitimate Banks. This would have helped check corruption in our system. Tell me why anybody buying goods from Abroad with their legitimate money or paying for their kids school fees is afraid of approaching the Banks.

Thieving politicians have shaddy deals and prefer the dark world of black market . . . . and this has formed the core of opposition to Soludo's Forex policy.

Well why am I even debating this . . . . . . those who want Soludo out have already gotten their wish otherwise I see no reason why the President will wait until after his tenure expires to renew it. SOludo is gone.
I wish those who wanted him out good luck . . . . . the truth will eventually surface for 'those' who want to see the truth.

I know in the next coming months it will be all sorts of Newspaper report about how corrupt Soludo was as CBN Governor . . . . after that then what? The Lobbyists and Special Interests will move in and the CBN will be undermined.

mikeansy:

The greatest problem we face in terms of Forex is the fact that Governors and Corrupt politicians convert illegal money to dollars every month so that they will wire them abroad. With that the demand for dollars becomes so high even though it is not due to a need to do legitimate business.

Soludo's Forex policy includes a Framework that regulates Forex so that those who deal in them can be tracked and u must have to deal in them through legitimate Banks. This would have helped check corruption in our system. Tell me why anybody buying goods from Abroad with their legitimate money or paying for their kids school fees is afraid of approaching the Banks.

Thieving politicians have shaddy deals and prefer the dark world of black market . . . . and this has formed the core of opposition to Soludo's Forex policy.

Well why am I even debating this . . . . . . those who want Soludo out have already gotten their wish otherwise I see no reason why the President will wait until after his tenure expires to renew it. SOludo is gone.
I wish those who wanted him out good luck . . . . . the truth will eventually surface for 'those' who want to see the truth.

I know in the next coming months it will be all sorts of Newspaper report about how corrupt Soludo was as CBN Governor . . . . after that then what? The Lobbyists and Special Interests will move and the CBN will be undermined.

Prior to Soludo, we operated a dutch auction system (DAS) under which the banks had to secure financial commitments from customers before bidding for forex and thus they could only buy forex that their customers had already committed to buying. Under Soludo, the banks are allowed to bid for forex without any prior commitments from customers, and thus a bank could speculate and buy any amount of forex he wanted, irrespective of how low the true demand was, as opposed to the old system under which only the actual demand was fulfilled. Soludo's policy inflated the demand for the limited forex, hereby resulting in a devaluation of the Naira. This has nothing to do with the black market.

The primary reason for the existence of the black market is because the banks cannot (and dont want to) satisfy the forex demands directly. In the past, the CBN has been selling forex to the Black market through the bureau de change, government parastatals and ministries, and the banks themselves. The large disparity between the official rate and the black market rate, has made currency trading an attractive revenue source to a lot of people, including the banks (buy at official rate then sell to the black market with a tidy margin).

None of the CBN governors till date (including Soludo) has made any serious effort at outlawing or killing the black market or cutting off their supply. The best we got was during the tenure of Sanusi, when some bank executive were persecuted for round tripping. If the CBN ws more stringent in its supervisory role, ensuring that forex purchased were used for legitimate purposes and not simply sold into the black market, te black market would have been limited in its sources for forex, and would eventually be limited to the criminal underworld. Every nation has a currency black market, but I doubt others sell it on the street as brazenly as we do in naija. The fact that the new auction system makes it accountability difficult is another reason I did not like Soludo's change of the auction process.

For me, Soludo has done nothing to warrant staying in office. Somebody else should take a crack at it.

I think you need to check the man's record as far as Soludo and the black market is concerned.

The black market traders form a very hard core of people who want him gone . . . . .I think u need to go and check.

mikeansy:

I think you need to check the man's record as far as Soludo and the black market is concerned.

The black market traders form a very hard core of people who want him gone . . . . .I think u need to go and check.

and what has he done specifically to them?
The closest he has come to harming their business is him requiring documentation from bureaux de change, and with 600+ bureaux currently registered, I don't see the problem.

- The margin is still there between the parallel markets
- the banks, BdC and government are still funneling money into the black market
- There is no judiciary effort against the market
- the people are still willing customers

All points to wards business as usual.

In fact as at march 2009, the CBN moved to increase supply into the black market by $200 million dollars, in a bid to narrow the margins between the markets 
http://allafrica.com/stories/200903180003.html