Naira’s rally in recent times hasn’t been solely due to direct interventions by the central bank. Bismarck Rewane, CEO of Financial Derivatives Company, in an interview on Arise TV Monday evening, showed new data that the naira rally is not a result of $8 billion from the Central Bank of Nigeria (CBN) as earlier reported.
According to the data shown by Rewane, the apex bank only sold $3.7 billion in the official market otherwise known as the Nigerian Autonomous Foreign Exchange Market (NAFEM), since February 2024.