Cardoso links depleting external reserves to debt repayments
The Central Bank of Nigeria has clarified reasons for the significant decline in the nation’s foreign exchange reserves, asserting that it wasn’t primarily aimed at defending the naira, as commonly believed, but rather to partially repay debts owed to creditors. The bank further expressed its desire to minimise its involvement in the market, aiming to foster a scenario where prices are determined through the interactions of willing buyers and sellers. […]
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