Poor Naira, it is still being defended
Poor Naira, it is still being defended: “The Nigerian government has spent approximately $8 billion in an attempt to stabilize the naira amid ongoing economic turmoil, according to Bismarck Rewane, CEO of Financial Derivatives Company. Speaking on Channels Television’s News at 10 on Friday, Rewane highlighted the substantial interventions made to manage the country’s currency fluctuations and combat inflationary pressures....
"We’ve also borrowed $4 billion in bond issues. When you take a look at that, you’ll see there is a lot of work. We’ve actually spent almost $8 billion trying to support the naira at current levels,”
What a country. Good luck, Naira, as you swim to freedom under the float.
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