CBN says it has so much forex cash it is funding Interbank Invisibles market for PTA with $ and daring speculators who are holding $ cash…..but Federal Government just approved a new $500m Eurobond loan…
So its either
1. We are borrowing to defend the Naira or
2. FGN is borrowing $ at 7% while CBN is spending dollars at a discount to market price of dollars..
3. the defense of the Naira is stupid
4..all of the above…
