President Bola Tinubu’s administration has spent over $8 billion in efforts to support the naira amid continued economic challenges.
This was revealed by financial expert, Mr. Bismarck Rewane.
While speaking on Channels Television on Friday, the Chief Executive Officer (CEO) of Financial Derivatives Company, pinpointed the importance of interventions made by the federal government to curb exchange rate volatility and inflation concerns.
Moreover, his revelation comes after the recent Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN), which on Thursday maintained the Monetary Policy Rate (MPR) at 27.50%.
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According to Rewane, in addition to spending billions to defend the naira, the government has also raised funds through debt instruments.
“We’ve also borrowed $4 billion in bond issues. When you take a look at that, you’ll see there is a lot of work. We’ve actually spent almost $8 billion trying to support the naira at current levels,” he stated.
