Cardoso: Declining FX reserves not linked to defending naira... debts are being repaid

Olayemi Cardoso, governor of the Central Bank of Nigeria , says the recovery of the naira has little or nothing to do with the country’s foreign reserves decline.

The latest appreciation was recorded on April 17, with the naira trading N1, 050 per dollar at the parallel section of the market. “As much as I have read in the recent few days, some opinions with respect to what is happening with our reserves, and the central bank defending the naira, if you think back to what our overall policy and philosophy has been, you can see is counterintuitive,” he said.“What we’re encouraging is for the markets to willing buyer, willing seller, price discovery and ultimately, I perceive a future where central banks will really not need to intervene, except in very, very unusual circumstances.

“So, it’s important not to keep them out of the mainstay. But in terms of intervention, frankly that’s really not our intention at all.”Cardoso said the reduction in the country’s reserves is due to the payment of debts, and not defending the naira.

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