President Bola Tinubu has hailed what he said is the disciplined approach adopted by the Central Bank of Nigeria (CBN) to monetary policy management which he said is responsible for ensuring stability and predictability in foreign exchange market.
This discipline, he said has led to the growth of the country’s Foreign Exchange FX reserves to over $37bn from the inherited $33bn yet paid back the inherited forex backlog of $7 billion.
Additionally, the country cleared the ways and means debt of over N30 trillion, and reduced debt service ratio from 97 per cent to 68 per cent despite the many headwinds Nigerian economy faced at the time he assumed office 16 months ago.
