BAILOUT FUNDS! See How Much CBN Spent Saving The Naira
The Central Bank of Nigeria, CBN has spent $15.9 billion in nine months to save the naira.
The sum consists of the aggregate weekly intervention in the foreign exchange market by the apex bank.
The Managing Director, Afrinvest Securities, Ayodeji Ebo, said this on Thursday while speaking at the Finance Correspondents Association of Nigeria Economic Outlook with theme: ‘Nigeria Economy and Financial Market Outlook: 2017 Review and 2018 Outlook’ held in Lagos.
Eboh said the intervention funds, were for nine months, which started April and ended December 2017.
He also said the figure is an improvement compared to the $9.6 billion spent during same period of 2016.
He noted that the Investors’ & Exporters’ Forex Window has recorded over $27.8 billion in turnover and brought about transparency and stability in the market.
On the proposed cut in interest rate, Ebo said foreign investors will be happy to see the interest rate remain at 14%, even as the stability in the market has helped the foreign investors know that the economy is stable.
“Foreign portfolio investments provide liquidity and confidence to the market. And keeping the interest rate at 14% will help keep them coming,” he said.
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