SAVE YOUR HARD CURRENCY BLOOMBERG WARN NIGERIANS
Anselem Anokwute
Bloomberg has warned Nigerians to be weary of the slope dive of Naira and never mind the Boasting by Cardoso , Nigeria’s Central Bank Governor that Naira will improve and save the local currency in the hard and market value foreign currencies.
People should hold onto their dollar, Naira will sink to the worst state in the history. Recall that Bloomberg raised alarm that Nigeria is burning its foreign reserve to subsidies dollar not long ago.
It is important for Nigerians to show enough concern that Nigeria is burning her foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.
Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the Central Bank of Nigeria. That’s the biggest decline in a similar period since April 2020, according to data compiled by Bloomberg.