CBN restates commitment to defending the naira

The Central Bank of Nigeria (CBN) has reiterated its commitment to defending the naira.

Deputy Governor (Economic Policy), CBN, Dr. Sarah Alade said this yesterday at the Euromoney Conference held in Lagos yesterday.

Alade, who was represented by the Director, Research Department, CBN, Mr. Charles Mordi, restated that the Nigerian economy is stable and healthy.

However, speaking in a chat with journalists, on the sidelines of the event, Mordi said: “We have always said that we are not going to defend the naira at all cost but so far so good, as at the time the CBN Governor Emefiele came in, the reserves was around $36 billion but now we have managed to push it up to around $40 billion so we are still comfortable.