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The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has addressed recent speculations regarding the bank’s intention to defend the naira.
Speaking at the ongoing 2024 Spring Meetings of the International Monetary Fund/World Bank, Cardoso emphasized that it is not the CBN’s intention to support the currency indefinitely.
Cardoso acknowledged the recent depletion of the country’s reserves but clarified that it was not solely due to the defense of the naira. He expressed the CBN’s desire for a time when it will no longer be necessary to support the currency.
On Wednesday, the naira showed signs of strength at the Nigeria Autonomous Foreign Exchange Market (NAFEM), closing at N1072.74 to the dollar.
However, the parallel market saw a different trend, with the naira closing at N1140 to the dollar on the streets. In response to questions about the CBN’s defense of the naira, Cardoso reiterated the bank’s stance. He stated, “It is not our intention to defend the naira.”
He also addressed various opinions circulating about the country’s reserves and the CBN’s role in supporting the currency.
This article was updated 7 months ago
