Cardoso: Nigeria’s shift in Fx reserves due to debt obligation

The Governor of the Central Bank of Nigeria, Olayemi Cardoso says the recent drop in the country’s foreign exchange reserves is due to debt obligation and not defending the naira. Cardoso, during an interactive session with Abebe Aemro Selassie, the International Monetary Fund’s director of the African department on the side-lines of the on-going Spring Meetings of the IMF and World Bank in Washington DC, Cardoso noted that the apex bank remains committed to encouraging the practice of willing buyer, willing seller and price discovery in the FX market.