Browsing: Foreign reserves

On Tuesday, the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, said the country’s foreign reserves rose by 12.74 per cent to $39.12 billion as of October 11.

The big issue, Prof. Ekekwe lamented, was the borrowing of “$billions from US banks, and securing/collateralizing the loans with the national foreign reserves or other asset classes, without informing the Nigerian people and the National Assembly.”