He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), fueling speculations that the apex bank pumped forex into the market to dwarf demand pressure and shore up the value of the local currency.





Speaking at the on-going Spring Meetings of the IMF the World Bank, Cardoso said that his team at the apex bank is determined to nurse a foreign exchange market ruled by the principle of willing buyers-willing seller.





He also said that Ways and Means (federal government borrowings from CBN) is no longer an issue, particularly after the fiscal authorities securitised the outstanding.



His words, “Defending the Naira, from every indication is an elephant in some rooms. I will make this as clear as possible. It is not our intention to defend the Naira.

Much as I have read in the recent few days some opinions about what has happened in terms of our reserves being drawn down, the CBN Defending the Naira, if you take your mind to our philosophy and policy, you will see it will be counter intuitive. We want the Naira to perform independently as long as we have a vibrant forex market.





“Initially we needed to keep the BDCs going. So it is important for people to get forex for school fees, travels and the like.



Why reserves shifted



“The shift you see in our reserve is not to defend the Naira but for things like settling obligations that fell due. Mind you, that is the reason for keeping foreign reserves, in the first place.”



Cardoso also said that his team is cooperating with the fiscal authorities and that, “Ways and Means is no longer an issue.





https://www.madfind.com.ng/2024/04/cbn-not-using-foreign-reserves-to.html

This man just wasted my time for nothing.

What a lengthy article with no substance.

A piece of lengthy article that didn't answer the question, "Where are you getting the USD you are selling to the BDC or has the CBN started printing USD?"

SoNature:
This man just wasted my time for nothing.

What a lengthy article with no substance.

A lengthy that didn't answer the question, "Why are you getting the USD you are selling to the BDC or has the CBN started printing USD?"

u never still understand Nigeria govt ni, once dey type long story u no go get straight answer