*Says Nigeria Spent $8 Billion To Defend Naira
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The Federal Government has expended approximately $8 billion in an effort to stabilize the naira, amid persistent economic pressures and currency volatility.
This revelation was made by the CEO of Financial Derivatives Company, Bismarck Rewane, during an interview on Channels Television’s News at 10 on Friday. He highlighted the extensive financial interventions made to curb inflation and support the exchange rate.
Rewane’s remarks came in response to the recent Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN), which on Thursday retained the Monetary Policy Rate (MPR) at 27.50%.
According to Rewane, beyond the $8 billion used to defend the naira, the government has also borrowed an additional $4 billion through bond issuances.
“We’ve actually spent almost $8 billion trying to support the naira at current levels. 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,” he stated.
Rewane also addressed the recent rebasing of Nigeria’s inflation data, which has led to conflicting interpretations of the country’s economic situation. He outlined three different methods used to measure inflation, each yielding varying results:
- Old Method: 34.8% inflation rate
- New Method (Rebased Data): 24.4% inflation rate
- Market Survey (Real Inflation): Closer to 33%
Expressing skepticism over the sharp drop in the official inflation figures, he argued that it does not align with the realities of everyday Nigerians.
“There’s no way that inflation can reduce by 10% in a short period. The man on the street does not believe that inflation has come down as sharply as that,” Rewane emphasized.
The continued pressure on the naira, coupled with uncertainty over inflation, raises concerns about the effectiveness of the government’s economic policies. While official figures suggest that inflation is moderating, market realities indicate otherwise, leaving many Nigerians struggling with rising costs of living.
Meanwhile, CBN Governor Olayemi Cardoso, in his announcement of the MPC decision, claimed that recent macroeconomic developments, including exchange rate stability and reduced fuel prices, would help moderate inflation in the coming months.
However, Cardoso also acknowledged the persistent inflationary pressures driven by rising food prices, highlighting the recent rebasing of Nigeria’s Consumer Price Index (CPI) by the National Bureau of Statistics (NBS) as an effort to reflect current consumption patterns more accurately.
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