Headline : Cardoso justifies CBN defence of naira, but says it’s not reason for depletion in fx reserves

Read more from the original article on here at www.ripplesnigeria.com.

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In an attempted defence of the decision of the Central Bank of Nigeria, (CBN) to defend the domestic currency, the naira, the governor of the apex bank has distanced the decision from the depletion of the foreign exchange reserve.

Cardoso gave this defence during an interactive session with Abebe Aemro Selassie, the International Monetary Fund’s (IMF) director of the African department on the sideline of the ongoing Spring Meetings of the International Monetary Fund and World Bank in Washington, on Wednesday.

Ripples Nigeria had earlier reported that Nigeria’s Foreign Exchange reserves dipped by over $2bn in less than a month plunging it to its lowest level in six years.

Experts and economists have blamed this declining reserves on the decision of the apex bank to aggressively defend the naira.

Read more from the original article on here at www.ripplesnigeria.com.

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