cbn statement, 2012-07-24
The Committee observed further that during 2008-2009 when oil prices declined sharply and the domestic currency came under intense pressure, the CBN was able to defend the Naira because the nation had buffers, having accumulated substantial foreign exchange reserves when oil prices were high, but that this time around that luxury does not exist, as the excess crude account has largely been depleted, and is still being depleted by the tiers of government.
Sentiment: neutral
Topic: mp_exchange_rate