The steady appreciation of the naira was as a result of about $8 billion the federal government spent to keep it up to its current levels, Bismarck Rewane, the MD/CEO of Lagos-based Financial Derivatives Company has revealed.
Rewane made this known during a presentation on Channels Television which comes against the backdrop of the monetary policy committee meeting.
The economist warned that the quick appreciation of the naira is “temporary” and should be treated with caution, advising Nigerian policymakers not to be “carried away”.