Naira Defence Not Responsible For Drop In Foreign Exchange Reserves – Cardoso
The shift in our reserves is what you’ll find in all jurisdictions. About $600 million came in a few days ago to shore up the fx reserves.
“The shift has nothing to do with defending the naira and that’s not our objective”, he explained.T
The CBN Governor further revealed that the reforms in the finance sector were already yielding positive results as the naira moved from the worst performing currency to the best in six months.
He also assured that the monetary policy and fiscal policy are on the same in battling inflation, achieving price stability and generally building a vibrant economy.
Cardoso asked anxious Nigerians to keep faith with the CBN as the journey to the promised land has begun but would not be a smooth one as there has been sedimented rot in the system that needs to addressed.
“We should be reasonable in our expectation as it won’t materialize overnight. Some of these things causing the pains happened a long time ago.
“We need to communicate where we are coming from and what we’re doing and where we’re going.
“We will keep strengthening the communication mechanisms to unbundle the issues so people will be carried along.
We will use many platforms to reach out because if your intervention does not impact the man on the street, you’ve done anything. We need to take everyone along,” he said. (The Sun)