Depleting External Reserve Not Due To Defending Naira But For Debt Repayment, Says Nigeria’s Central Bank
8 months ago1106 min
The Governor of the Central Bank of Nigeria Olayemi Cardoso says the naira’s recent sharp rise is a positive verdict on policy action to curb inflation, not because the authorities have been intervening in its support. A Bloomberg report this week said Nigeria was burning through its foreign exchange reserves at a rate not seen in four years, raising concerns that the central bank was depleting its dollar holdings to support the naira after pledging...