The Governor of Central Bank of Nigeria, Dr Olayemi Cardoso has affirmed that the current resurgence of naira is a result of market forces and not by defending the currency with Nigeria’s foreign reserve as being speculated by some people.
Dr Cardoso revealed this during an “Insightful Fireside Chat at the World Bank/IMF Session”.
He emphasized that the monetary strategies shaping Nigeria’s future is driven by commitment to maintain a free forex market and advance monetary reforms.
The CBN governor also addressed misconceptions about Nigeria’s foreign reserves, noting that fluctuations are due to debt payments and not currency defense.