The Central Bank of Nigeria on Wednesday said the shift in Nigerias foreign reserves has nothing to do with the apex banks defence of the local currency.
The CBN Governor, Olayemi Cardoso, said this on Wednesday at the spring meetings of the International Monetary Fund and World Bank in Washington.
Nigerias foreign exchange reserves dipped by about $2.16 billion recently, at $32.29 billion as of 15 April. The development comes amid significant appreciation in the value of the Naira against the US dollar.
