The Central Bank Governor Godwin Emefiele has said that Nigeria’s foreign exchange reserves have begun a “gradual recovery” thanks to the central bank’s management of dollar demand and the government’s effort to plug leakages.
In a statement that sounds like he was courting the President’s attention, the under pressure CBN Governor attributed the “gradual recovery” of the reserves to Buhari
“the strong efforts of President Muhammadu Buhari … to plug all leakages, as well as the vigilant demand management of the central bank, we have seen our foreign exchange reserves begin a gradual recovery,”
Reserves stood at $31.89 billion on July 7, up from $29.1 billion at the end of June but still below $37.3 billion a year ago, Emefiele told lawmakers.
The central bank has spent around $5 billion since January defending the naira, which was hit by last year’s plunge in oil prices.