Is CBN Defending The Naira Or Dollar?

“As I speak to you, our external reserves stand above $31bn, and that provides us with enough fire power to be able to defend the naira”

2016 Hajj: Presidency Explains Dollar Subsidy For Muslims

The Central Bank of Nigeria with the approval of the Presidency subsidized the dollar for Muslims partaking in the 2016 Hajj, mandating that the dollar be sold at N197 for those who needed it.