Emefiele: It is either build reserves or save the naira — we’re choosing the naira

Godwin Emefiele, governor of the Central Bank of Nigeria, says the Buhari-led administration chose to save the naira instead of building reserves.

Emefiele, who made this known to journalists on Sunday in Bali, Indonesia, said it is difficult to talk about building reserves at the moment.

“We are going to need to build buffers but unfortunately I must say that we are in a period where it is difficult to talk about building reserves,” he said at a press conference to mark the end of 2018 annual meetings of the World Bank Group and International Monetary Fund.

“You can only build reserve buffers if you want to hold on to the reserves while allowing your currency to go and wherever it goes is something else.

“It is a choice we have to make and at this time, the choice for Nigeria is to maintain a stable exchange rate so that businesses can plan and we don’t create problems in the…