FG has reportedly spent $8 billion to stabilize Naira.
NaijaOnPoint Nigeria reports that the Federal Government has spent nearly $8 billion to stabilize the naira amid persistent economic challenges, according to Bismarck Rewane, CEO of Financial Derivatives Company.
Speaking on Channels Television’s News at 10 on Friday, Rewane highlighted the government’s significant financial interventions to manage exchange rate fluctuations and control inflation. His remarks followed the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) on Thursday, where the Monetary Policy Rate (MPR) was retained at 27.50%.
According to him, beyond direct spending, the government has also raised $4 billion through bond issuances to support the currency.
“When you take a closer look, you’ll realize that we have spent almost $8 billion trying to maintain the naira at its current levels,” Rewane explained.
He also addressed the recent rebasing of Nigeria’s inflation data, which has sparked divergent opinions on the country’s economic situation.
Expressing doubts over the sharp decline reported under the new inflation metric, Rewane suggested that the figures might not accurately reflect the economic realities faced by everyday Nigerians.