Nigerian President Jonathan suspends Central Bank Governor

Nigerian President, Good Jonathan has suspended the Central Bank Governor, Sanusi Lamido Sanusi.

The action halted bond trading and sent the naira to a record low against the dollar.

Stocks fell 1.47 percent,while the naira fell to N164.35 per dollar.

It remains to be seen if this is a temporary blip to markets confidence, perhaps in 6 months we will all look back and see the coming weakness in markets as a buy opportunity.

However, this sends a bad signal about the independence of the Central Bank in Nigeria