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FOREIGN RESERVE: Startup expert says CBN boss’ claim on naira surge not backed with fact

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Ndubuisi Ekekwe, start up expert and part of Abia State government economic team has described Yemi Cordoso, Governor, Central Bank of Nigeria, CBN’s recent explanation on dwindling foreign reserve as an attempt to fight data.
“Do not waste time arguing over data, rather, communicate on a higher purpose and secure Naira’s future,” Ekekwe advised Cordoso

The CBN governor had recently reacted to claims that the dwindling foreign reserve, that is available FX in the country’s account, has depleted in the effort to defend the naira, Nigeria’s local currency.

The naira has enjoyed appreciation against dollar rising to about N980/$ as Wednesday on some exchange market.

Critics have tacked CBN saying such strategy in the long term is not sustainable.

But speaking against the fear expressed over naira, Cordoso clarified that the CBN under his leadership does not have plans to defend the Naira and emphasized that Nigeria has financial obligations that must be met.
Cardoso also stated that $600 million entered Nigeria yesterday.

But Ekekwe insists that such argument flies against verified data.
“Of course, you can argue that the reserve is there to strengthen the Naira, and if using it has worked well to strengthen Naira, that should be celebrated.

“So, it comes down to how our leaders communicate. Yes, they can celebrate this by articulating a position, instead of fighting data,” Ekekwe said on his verified X handle.


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