Nigeria’s foreign reserve drops by $500million in the last one week
“The CBN took the decision that it would be sub-optimal to continue to use up the country’s reserves in defending the Naira. This decision
was right because neither the Central Bank nor the Federal Government is in control of the major factors causing the depreciation of the nation’s currency. In fact, the Russian Central
Bank has abandoned its defence of the currency and allowed its depreciation, but only after it was said to have spent over $90 billion
in defending the currency.” Emefiele said.
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