CBN chief Godwin Emefiele

Central Bank of Nigeria (CBN) says Nigeria’s foreign reserves remains strong, adding that the recent fall does not have anything to do with political gladiators.

The bank’s Director of Corporate Communications, Isaac Okorafor, said this at the 13th Abuja Chamber of Commerce Mines and Industries (ABUCCIMA) Trade Fair in Abuja.

Advertise With Us

He said that foreign reserves fell “because of global squeeze on emerging markets, which was consequent upon increasing interest rates in the United States of America.”

Okorafor noted that other developing and emerging markets like Turkey, Brazil, South Africa, Argentina and even China were facing similar dilemma.

He also assured customer of defunct Skye Bank that their deposits were safe in Polaris Bank.