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The Central Bank of Nigeria (CBN) has spent $8 billion defending the Naira against the dollar, according to economist Bismarck Rewane. Despite this, inflation remains a concern, with many Nigerians questioning its reported decline. Experts warn of potential economic risks if CBN's foreign exchange interventions continue without structural reforms.

The Central Bank of Nigeria (CBN) has spent nearly $8 billion to stabilize the Naira in the foreign exchange market, financial analyst Bismarck Rewane revealed. Speaking with Channels Television, he attributed the recent appreciation of the Naira to N1,505 per dollar to these interventions, alongside a $4 billion bond issuance.

Despite these measures, Rewane questioned the reported inflation drop to 24.48%, arguing it does not reflect the daily realities of Nigerians. He noted that inflation cannot decline by 10% within a short period, stating that the economic strain remains severe for the average citizen.

Meanwhile, the Monetary Policy Committee (MPC) has chosen to maintain the interest rate at 27.50%, a decision seen as part of broader efforts to stabilize the financial markets. However, analysts remain divided on whether these aggressive interventions will yield long-term benefits or further strain Nigeria’s foreign reserves.

Market experts warn that continuous intervention may not be sustainable, emphasizing the need for more structural economic reforms. Many Nigerians are still struggling with rising living costs, and concerns persist over the CBN’s ability to maintain stability in the FX market without depleting the nation’s reserves.