CBN speaks on defending the naira with FX reserves
The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, has said that it was not the intention of the apex bank to defend the Naira, noting that it was looking forward to a time that it will no longer support the currency.
Cardoso, who disclosed this on ‘Governor Talks – Nigeria: Catalyzing Change: Reforming Monetary Policy in Nigeria’ at the ongoing 2024 Spring Meetings of the International Monetary Fund/World Bank, added that the recent depletion of the nation’s foreign reserves was not due to its defence of the naira.
He also revealed that $600 million came into the country on Tuesday, but he didn’t want to get Nigerians too excited.