CBN Cautions FG On Reckless Spending As Reserve Hits $28.9bn

This was made known during the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja.

“The fact that we have began to see some accretion to the reserve does not mean we should be reckless,” Emefiele warned.

He said the CBN “will continue with the policy of ensuring that forex is made available to those who are importing raw materials and supporting the agricultural sector but not to those who want to engage in less important sectors of the economy.

“It is exciting to see this (rise in foreign resreves) happen. We do not run a floating regime, we run a managed float.

“What that means is that from time to time we will continue to intervene in the market to ensure that the exchange rate does not go beyond our expectations and those interventions would be to moderate the risk as we deem necessary”.

Recall that peter obi, the former Governor of Anambra State blamed the past administration’s governors for not trying to save for the rainy days.

He said “I was in government when the likes of Ngozi Iweala, Aganga, Sanusi were crying let’s save; we collectively said we don’t want savings, and we are now in this mess; we cannot afford to increase it by going to borrow without a clear road map on what we would use it for.

“People start saving in crisis. Go and check most nations that save, they started it in crisis situation, because they could see the point of not saving yesterday; and that is where we are.”