The Governor of Nigeria's central bank, Yemi Cardoso, has disputed allegations suggesting that the country's foreign exchange reserves are being depleted in efforts to support the naira.

He explains that the observed reduction in reserves is primarily the result of debt repayments and similar transactions, underscoring these actions as essential to upholding Nigeria's financial credibility on a global scale.

The governor emphasises the importance of these payments in maintaining the country's reputational stability.