Depleted Reserves Used To Settle Debts Owed International Creditors, Not To Defend Naira–Cardoso

The recent depletion of the nation’s foreign reserves was used to settle debts owed to international creditors and not to defend the naira as widely claimed.

The Central Bank governor, Olayemi Cardoso, said this at the ongoing International Monetary Fund Spring Meetings held in Washington D.C on Wednesday.

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