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The depleting external reserve is mostly due to factors such as debt, ordinary course of business

The Governor of the Central Bank of Nigeria, Yemi Cardoso, has addressed concerns over the declining external reserves, maintaining that the apex bank is not defending them.

According to him, the depleting external reserve is mostly due to factors such as debt repayments, other obligations, and depletion due to the ordinary course of business.

He also stated that there were no intentions to defend the currency with the external reserves, as it was counterintuitive.

The apex bank was already implementing a willing buyer, willing seller policy.

More details soon…

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