The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has attributed the shift in Nigeria’s foreign reserve position to debt obligations.
He said it is not the intention of the apex bank to defend the Naira but rather to encourage the practice of willing buyer, willing seller and price discovery.
He expressed optimism about sufficient liquidity and vibrancy in the Nigerian foreign exchange market.
Governor Cardoso further reiterated commitment to the pursuit of orthodox monetary policy by the CBN with emphasis on trust and credibility.
He however commended collaboration between the Central Bank and Nigeria’s fiscal authorities, stressing that cooperation is key to achieving inflation targeting framework.
The Governor shared strategy of monetary policy reforms and turn around in Nigerian economy.
