This development has given the Central Bank of Nigeria the fire power to defend the Naira exchange rate as promised by Central Bank Governor Mr. Godwin Emefiele.
According to the latest data obtained from the Central Bank of Nigeria website, Nigeria’s foreign exchange reserves now stand at $36.57 billion, having increased from $33.42 billion as of April 29, 2020. He also said that Nigerians should stop patronising?parallel market operators. According to him, the rates they are buying the dollar from that segment of the market are unrealistic.
Also, the currency traded at N388 to the dollar in the spot market. The local currency has also appreciated from N460 to a dollar to N445 to a dollar in the parallel market in less than 2 weeks, not long after the Central Bank of Nigeria started selling dollars to small and medium enterprises and foreign students.
So if they have this huge amount of money in their foreign reserve account why are they still borrowing shameless country Nigeria.
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