Governor Yemi Cardoso of the Central Bank of Nigeria (CBN) has addressed concerns regarding the country’s declining external reserves, stating that the apex bank has no intention to defend the naira using these reserves. Speaking on the sidelines of the ongoing spring meeting of the International Monetary Fund\/World Bank in Washington DC, Cardoso attributed the depleting external reserves to factors such as debt repayments, financial obligations, and routine business operations.<\/p>\n
Cardoso emphasized that maintaining sufficient liquidity in the market was paramount for the CBN. He noted that the CBN has been implementing a willing buyer, willing seller policy, ensuring access to funds for various essential purposes such as education and healthcare. While acknowledging the need for some intervention, he highlighted that the amounts involved were relatively small and aimed at catalyzing market activities.<\/p>\n
The governor explained that fluctuations in external reserves are typical for any country, especially when debts are due and payments need to be made. He emphasized the importance of maintaining credibility by fulfilling financial obligations promptly.<\/p>\n
Regarding the country’s monetary policy, Cardoso underscored the CBN’s commitment to transparency and effective communication. He clarified that the CBN’s priority is to ensure market liquidity while refraining from direct interventions to defend the naira using external reserves. Instead, the focus remains on facilitating market operations and fostering economic stability through prudent monetary management.<\/p>\n
Cardoso’s remarks come amid growing concerns about Nigeria’s economic outlook and the impact of declining external reserves on currency stability. The governor’s statement aims to provide clarity on the CBN’s stance and reassure stakeholders about the bank’s commitment to sound monetary policy practices amidst evolving economic challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"
Governor Yemi Cardoso of the Central Bank of Nigeria (CBN) has addressed concerns regarding the country’s declining external reserves, stating that the apex bank has no intention to defend the naira using these reserves. Speaking on the sidelines of the ongoing spring meeting of the International Monetary Fund\/World Bank in Washington DC, Cardoso attributed the […]<\/p>\n","protected":false},"author":7,"featured_media":27930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-27929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/27929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=27929"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/27929\/revisions"}],"predecessor-version":[{"id":27949,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/27929\/revisions\/27949"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/27930"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=27929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=27929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=27929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}