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Cardoso stated this against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex).
He explained that the decline in foreign reserves was not to defend the Naira but for settling other obligations His words, “Defending the Naira, from every indication is an elephant in some rooms.
Meanwhile, The Governor of the Central Bank of Nigeria (CBN),Olayemi Cardosohas said that the apex bank is not defending the Naira with the nation’s foreign reserves.
Traders who spoke to Legit said the naira appreciated N50 to trade at N1,050/$1 compared with the preceding day’s rate of N1,100/$1.
Mind you, that is the reason for keeping foreign reserves, in the first place.” Cardoso also said that his team is cooperating with the fiscal authorities and that, “Ways and Means is no longer an issue.
CBN data shows that the naira ended the day with an appreciation of N298.92 to sell at N1,147.53/£1 compared with Tuesday’s closing value of N1,446.45/£1.
According to Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira closed the day’s trading at N1,072.74/$1 on Wednesday..
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