By Adedapo Adesanya The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has said the recent depletion of the nation’s foreign reserves happened because funds from the purse were used to repay debts owed international creditors. The Governor gave this explanation at the ongoing International Monetary Fund- World Bank Spring Meetings holding in Washington D.C, the US, on Wednesday, clarifying that the external reserves were not depleted because of the need to defend the Naira as widely speculated. Nigerians had raised concerns over the significant downturn of the country’s foreign exchange (FX) reserves, plunging by approximately $2.16
Reserves Used to Repay Debts, Not Defend Naira—CBN Governor
