Governor of the Central Bank of Nigeria, Olayemi Cardoso,
says Nigeria received $600 into the country’s foreign reserves.
The development will see the Naira appreciate further below
N1,074 per Dollar at the official market in the coming days.
The CBN governor made the revelation at the International Monetary
Fund’s spring meetings in Washington, D.C, Wednesday.
The apex bank clarified that the shifts in the country’s
reserves have nothing to do with defending the Naira in the FX market.
“In the next couple of days, I think between yesterday and
today, we had about $600 million into the reserves account, so I wouldn’t let
people get too excited about it. That’s where we’re going. So the shifts you’ve
seen in our reserves have nothing to do with defending Naira,” he said.
However, Cardoso noted that the apex bank is focused on
getting the foreign exchange market to independence, where market forces
control it.
“It is not my intention to defend the Naira. We’re pushing
the markets to a willing buyer / willing seller price discovery. And
ultimately, I perceive a future where the central bank will not need to
intervene.
“What is important to us is that there’s sufficient
liquidity in the market, which I’ve spoken about here today,” he said.
He added that the CBN’s recent sales of FX were part of its
efforts to catalyse the Bureau de Change market.
Recall that Nigeria’s foreign exchange reserves stood at
$32.29 billion as of April 15; however, with the additional $600 million
inflow, the external reserves would rise to about $33.49 billion.
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