A member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), Bamidele A.G. Amoo, has said that the decline in Nigeria’s foreign exchange (FX) reserves was mainly due to foreign exchange swap transactions.
He said this in his personal statement from the MPC meeting, which was held between March 25 and 26, 2024. A document containing the personal statements of MPC members was published by the CBN on Monday and seen by Naijaonpoint.
Amoo said:
He also noted that Nigeria recorded a surplus in its overall balance of payments as foreign portfolio investors drove higher capital inflows.
The MPC member said: