The Central Bank of Nigeria has traded up to a billion dollars foreign exchange in the past six months to shore up forex liquidity in the country.
Governor of the Central Bank of Nigeria Olayemi Cardoso who made this known during the his Talk at the ongoing IMF /World Bank Spring Meetings in Washington DC said the apex bank is concerned with ensuring sufficient liquidity in the foreign exchange market and a future where the central bank will really not need to intervene.
On the depletion of reserves and the central bank defending the naira Cardoso said the CBN is working on policies to support the market and drive down the exchange rate.
The Governor at the Governor Talks with the theme Nigeria Catalysing Change : Reforming Monetary Policy in Nigeria added that monetary authority would continue to partner with the fiscal authority in achieving its inflation targeting objective.
Editor Oloyede Oworu
