Olayemi Cardoso, Governor of the Central Bank of Nigeria has said the bank is not strengthening the Naira with the country’s foreign reserves.Speaking at the ongoing Spring Meetings of the International Monetary Fund and the World Bank, Cardoso said the Naira is performing independently, and not as is being speculated by the public.
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, and the CBN Defending the Naira, if you take your mind to our philosophy and policy, you will see it will be counterintuitive.
Cardoso also said that his team is cooperating with the fiscal authorities and that, Ways and Means is no longer an issue.He said, “Let me be upfront in saying that the monetary policy is only one side. It is very clear to us that we need to have a very good handshake with the fiscal authorities.
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