CBN slams JP Morgan, says its estimate of Nigeria’s FX reserve is misleading

The Central Bank of Nigeria (CBN) has criticized JP Morgan’s recent estimate of Nigeria’s foreign exchange reserves, calling it a misrepresentation.

Hassan Mahmud, Director of the Monetary Policy Department at CBN while speaking with AIT said fluctuations, liabilities, and encumbrances to the reserves were only natural and normal.

Mahmud noted that the CBN did not panic over JP Morgan’s numbers, indicating that the central bank had its Befin-house assessment of the situation. He said: