It’s Not Our Intention To Defend Naira – CBN

The Governor of the Central Bank of Nigeria, Dr Olayemi Cardoso has said it is not the intention of the apex bank to defend the naira, saying it is looking forward to a time that it will no longer sup-port the currency.

Cardoso speaking on Governor Talks – Nigeria: Catalysing Change: Reforming Monetary Policy in Nigeria at the ongoing 2024 Spring Meetings of the International Monetary Fund/ World Bank said the recent depletion of the reserves is not due to its defence of the naira.

As on Wednesday, the Naira appreciated at the Nigeria Autonomous Foreign Exchange Market (NAFEM) the value of the naira at the official end of the foreign exchange market gained strength on Wednesday to close at N1072.74 to the dollar.

However, the value of the local currency continued to rescind its gains at the parallel market closing at N1,140 to the dollar on the streets.

However, answering questions on the CBN’s defence of the naira, he said “I want to try to make this as clear as possible. It is not our intention to defend the naira. And 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.