MD Financial Derivatives Company Ltd, economist, Bismarck Rewane, says Central Bank of Nigeria (CBN) will spend between 8 billion dollars to 10 billion dollars in supporting naira this year.

The Managing Director of Financial Derivatives Company Ltd and economist, Bismarck Rewane, says the Central Bank of Nigeria (CBN) will spend between 8 billion dollars and 10 billion dollars to support the naira this year.

Rewane, who said this at the Nigerian-British Chamber of Commerce (NBCC) 2022 Economic Outlook, added that the naira has faced fresh pressure at the Investors’ and Exporters’ window.

According to Mr. Rewane, this would take the country’s gross external reserves to between 30 billion dollars and 32 billion dollars this year.

The gross reserves, which resumed after falling towards the end of last year, closed at 40.5 billion dollars on January 11.

Report says that Nigeria’s share from last year’s International Monetary Fund (IMF) special drawing rights (SDR) and proceeds of the Eurobond, had increased the reserves, stopping the fall in reserves which started in 2020.

Kevin  Madu