Nigeria Suspends Central Bank Governor

Nigeria’s central bank governor Lamido Sanusi has been suspended by the president for “financial recklessness and misconduct”.

Mr Sanusi caused shockwaves in Nigeria when he alleged that $20bn (£12bn) in oil revenue had gone missing.

Nigeria’s state oil firm has denied failing to account for the money, saying the claim was “unsubstantiated”.

Mr Sanusi is widely respected after undertaking reforms to the banking sector since his appointment in 2009.

He was named central bank governor of the year for 2010 by Banker magazine.

He told the BBC he would challenge his suspension in order to preserve the central bank’s independence.

“I’m proud of my own record,” he said.

Foreign exchange, bond and money markets have stopped trading because of uncertainty caused by the move, Reuters news agency reports.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza