Nigeria: 'CBN Defended Naira With $26.6 Billion in 2013' - True or False?

13 February 2017

It seems strange but true that the more dollars we earn, the more are the challenges of Excess Naira liquidity, inflation, higher cost of funds and a weaker naira exchange rate. The above title was first published in Punch and Vanguard newspapers in January 2014. Please read on.

"The Punch Newspaper recently carried a report titled "CBN Defended Naira with $26.6bn in 2013." The report obtained from the Central Bank's website, indicated that $26.6bn was sold to currency dealers in 94 foreign exchange Dutch Auctions between January and December 2013.

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