“Defending the Naira has sent the nation’s foreign exchange reserves slipping to an 8-month low. With Oil prices briefly entering a bear market last week, it may become a headache for the Central Bank of Nigeria to defend the Naira against an appreciating Dollar,” he had said.
Emefiele, however, believes that the slight instability in the Nigerian foreign exchange market was the handwork of speculators.
“I can say that we are seeing that some of our friends at the other side are rearing their heads, and I want to assure them that they are going to lick their wounds this time again,” Emefiele said after the naira slipped to 371 per dollar.
The CBN has continued to maintain stability in the foreign exchange market while showing strength on the buffer building side at the same time.