In what has been seen by most as a baldly political move, President Goodluck Jonathan shocked both markets and observers yesterday as he suspended Nigeria’s widely-celebrated Central Bank Governor, Sanusi Lamido Sanusi.

In a press release Jonathan’s spokesman claimed that “Lamido Sanusi’s tenure has been characterised by various acts of financial recklessness,” but offered no details or specifics, and many commentators believe the real reason for Sanusi’s removal was his outspokenness on institutional corruption….

More on “You Can’t Suspend the Truth”: Worries for Nigeria over Sanusi’s Ouster via Think Africa Press

A good friend of mine who resides in Nigeria and who’s opinion is usually thoughtful, considered and well balanced had this to say, when I asked him what the real truth to the Sanusi saga was?

the truth is that,

1) The president is the most incompetent president Nigeria has ever had

2) The allegations of corruption that Sanusi put forward are all true

3) The presidents decision to do what he did could single handedly wreck the Nigerian economy cause

a) investors fear that such a trigger happy president isn’t a stable one especially if he makes moves like that without even consideration of the law (its illegal)

b) The CBN governor has always had autonomy from the presidency

c) no one knows anything at all about the new guy so there’s no basis to have any indication of what his approaches are to fiscal and monetary policy