In the recent International Monetary Fund (IMF) spring meetings in Washington DC, the Governor of the Central Bank of Nigeria, CBN, Dr Yemi Cardoso gave insight of the federal government of Nigeria plan to defend the country's Naira and economy.
Cardoso gave 10 key points from during thr interaction on the sidelines of the IMF Spring Meetings in Washington DC:
- Dr Cardoso reassures CBN's committeement in rebuilding trust of investors.
- Era of interventions from the Apex Bank are over.
- CBN will continually drive towards mopping liquidity.
- Hiking of interest rates is a catalyst to reducing inflation.
- Communication mechanism of the apex bank to be strengthened.
- The CBN Governor acknowledged the solid partnership being established between the fiscal and monetary sides.
- CBN is not defending the naira with Nigeria's Foreign Reserves.
- The little depletion of our foreign reserves could be attributed to payment of certain commitments and debts servicing.
- CBN will always facilitate Willing Buyer/Willing Seller basis and real price discovery in the foreign exchange market.
- The Governor commended the Federal Government for its strong understanding to get Nigeria out of a difficult situation.
