$28.9b reserves: CBN warns against reckless forex spending

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Godwin Emefiele CBN Governor

With Nigeria’s foreign reserve standing at $28.9 billion, the Central Bank of Nigeria (CBN) has warned against reckless depletion of the kitty. Addressing reporters at the end of the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja. CBN Governor, Godwin Emefiele said the reserves today stands at $28.9 billion.

“The fact that we have began to see some accretion to the reserve does not mean we should be reckless,” he warned. He said the CBN “will continue with the policy of ensuring that forex is made available to those who are importing raw materials and supporting the agricultural sector but not to those who want to engage in less important sectors of the economy.”

“It is exciting to see this (rise in foreign resreves) happen. We do not run a floating regime, we run a managed float. What that means is that from time to time we will continue to intervene in the market to ensure that the exchange rate does not go beyond our expectations and those interventions would be to moderate the risk as we deem necessary,” he said.

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