FG Spent $8 Billion to Stabilize Naira – Bismarck Rewane

FG Spent $8 Billion to Stabilize Naira – Bismarck Rewane

The Federal Government has spent nearly $8 billion in efforts to stabilize the naira amid persistent economic challenges, according to Bismarck Rewane, CEO of Financial Derivatives Company.

Speaking on Channels Television’s News at 10 on Friday, Rewane highlighted the government’s significant financial interventions aimed at managing exchange rate fluctuations and controlling inflation. His remarks followed the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) on Thursday, where the Monetary Policy Rate (MPR) was retained at 27.50%.

According to him, beyond direct spending, the government has also raised $4 billion through bond issuances to support the currency.

“When you take a closer look, you’ll realize that we have spent almost $8 billion trying to maintain the naira at its current levels,” Rewane explained.

He also addressed the recent rebasing of Nigeria’s inflation data, which has sparked divergent opinions on the country’s economic situation.

Expressing doubts over the sharp decline reported under the new inflation metric, Rewane suggested that the figures might not accurately reflect the economic realities faced by everyday Nigerians.

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