The Federal Government has expended close to $8 billion in efforts to stabilize the naira despite ongoing economic turbulence, financial expert Bismarck Rewane has revealed.
Rewane, the CEO of Financial Derivatives Company, made the disclosure on Friday during an interview on Channels Television’s *News at 10*. He explained that the government has taken substantial financial measures to curb exchange rate volatility and control inflation.
His statement followed the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meeting on Thursday, where the Monetary Policy Rate (MPR) was retained at 27.50%.
Beyond direct financial interventions, Rewane noted that the government had also raised an additional $4 billion through bond issuances to support the naira.
“When you analyze the figures, you’ll see that we have spent nearly $8 billion trying to keep the naira stable,” he said.
Rewane also commented on Nigeria’s recent inflation data rebasing, which has sparked debate over its accuracy. He expressed skepticism about the reported sharp decline in inflation under the new methodology, suggesting that the figures may not truly reflect the economic struggles faced by Nigerians.
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