“AS I speak to you, our external reserves stand above $31bn and that provides us with enough fire power to be able to defend the Naira (N305=$1)” (Godwin Emefiele CBN Governor, April 25th, 2017).
However, fast forward to January 2018 with reserves above $40bn, i.e over 30% increase since April 2017, with reduction, also in exchange outflows from the ban of imports of non essentials, the naira inexplicably remains between N305-360=$1.
The question, therefore is: “Is CBN actually defending the Naira?” The above title, was first published in Punch and Vanguard Newspapers on 12th January, 2015. A summary follows hereafter:
“Evidently, the serial devaluation from stronger than N1=$1 to an abysmal low of about N70=$1, at that time, was probably, the most significant instigator of the oppressive economic challenges,…
Read More…..Vanguard Newspaper