Before joining the IMF, Ogada worked at the United Nations Conference on Trade and Development.
IMF's data showed that global reserves dipped to $11.731 trillion from $11.824 trillion in Q4 2019.
Africa will need over $110 Billion in extra funding to deal with the COVID-19 pandemic
The Covid-19 economic lockdown impacted negatively on investor inflow into Nigeria.
IMF warns that the reductions in GDP due to COVID-19 will widen inequality.
There has been growing pressure for the CBN to unify the exchange rate markets.
Even with lockdowns being partially eased, IMF warned that there could be an even worse decline.
Oil prices retreated further on Monday, with prices down more than 10% in less than a week.
A series of debt defaults will return Africa to the era of the 90s when poverty was rampant and nations defaulted on debt.
The naira made a rebound in the foreign exchange market as it gained against the dollar at the parallel market.