Apex bank spends $4.7bn to defend Naira

monjola sotubo

April 21, 2015 12:57 PM

This was disclosed by the Managing Director of the Financial Derivative Company Limited, Bismarck Rewane.

The Central Bank of Nigeria (CBN) has spent $4.7 billion to defend the Naira in 2015 alone, according to reports.

This was disclosed by the Managing Director of the Financial Derivative Company Limited, Bismarck Rewane.

Rewane also stated that Nigeria’s external reserve import and payments cover had fallen to 4.8 months, 1.2 months below the international standard for healthy external reserve.

Rewane also spoke on the recent appreciation of the naira saying that the trend would soon be reverse because the fundamentals remain unchanged.

“At the parallel market, the naira will trade at N215-N220 against the dollar again," he said.

Rewane urged incoming President, Muhammadu Buhari to allow the Naira find its true value, calling for reduction in interest rate and easing of monetary policy stance.

monjola sotubo