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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).
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.
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.
However, speaking at the on-going Spring Meetings of the IMF the World Bank, Cardoso said that his team at the apex bank has no intention to defend to the Naira.
There have been speculations that the apex bank pumped forex into the market to dwarf demand pressure and shore up the value of the local currency..
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