Nigeria: Sanusi - CBN's Negligence Caused Capital Market Crash

Lack of effective supervision on the part of various regulatory agencies including the Central Bank of Nigeria (CBN) was responsible for the near collapse of the Nigerian Capital Market, the apex bank's governor Malam Sanusi Lamido Sanusi has said.

Testifying before the House of Representatives ad-hoc committee on the near collapse of the capital market yesterday in Abuja, Sanusi said the CBN failure to supervise commercial banks which engage in insider trading and margin loans led to the stock market crisis.

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