CBN Not Using Foreign Reserves To Defend Naira - Cardoso
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- Опубліковано 17 кві 2024
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Only time will tell,we wish our beloved country Nigeria all the best
Whatever is the strategy, is working. My hope is that it is not just for a short term gain but for the long haul. Well done CBN governor, may God continue to give you wisdom and guidance, in Jesus name, Amen.
I do not understand why people are so much interested in whether CBN used foreign reserve to save Naira from continuous falling. Have people asked themselves the purpose of foreign reserve? Why nations decided to have foreign reserve?
It's to solve international trade
It's to solve currency depreciation
It's to sort debit obligations.
So, he said nothing really if he could not expressly state where the funds to settle $7 billion came from.
That $7 billion of $10 billion was only an opening balance like 8 months ago - before the government started so, 8 months backlogs must have accrued if you assume a First-In-First-Out debt settlement sequence.
When Transparency is sacrificed at the Alter of Accountability, you know what's next indeed.
Let stop carry rumours and stop supporting speculators….
Every country supports her currency…. No matter where u come from Nigeria success is in your interest
He is talking rubbish
Only time will tell, you can be correct by saying that the CBN has not used foreign reserves to defend the Naira. On the other hand, has the CBN been instrumental in introducing an exchange rate that is not market reflective or positioned the forex reserve for growth, that has ended up depleting the foreign reserves. If it turns out that the running methodology that is used to set the exchange rate is without an accurate representation of the forces of demand and supply, unfortunately the reserves may have been unintentionally depleted by the apex bank.
Postulations, imaginations and speculations galore just to discredit. You can put down your unfounded posers in a book, these can't replace facts.