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Naira appreciation: Nigeria gets fresh $600m into FX reserves

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Naira News

Olayemi Cardoso

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.

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.

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.

Olayemi Cardoso

 

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