The Central Bank governor, Olayemi Cardoso, has said the recent decline in the nation’s foreign reserves was used to settle debts owed to international creditors and not to defend the naira.
The governor made this known during an interactive session with Abebe Aemro Selassie, the International Monetary Fund’s director of the African department, on Wednesday.
Data retrieved from the CBN website regarding the movement of foreign reserves reveals that as of April 15, 2024, the FX reserves stand at $32.29 billion, marking a notable decline from the $34.45 billion recorded on March 18, 2024. However, speaking at the event, Cardoso stated that there were no intentions to defend the currency with the external reserves, as it was counterintuitive.“As much as I have read in the recent few days, some opinions with respect to what is happening with our reserves, and the central bank defending the naira, if you think back to what our overall policy and philosophy has been, you can see is counterintuitive,” he said.
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