Acting Governor of the Central Bank of Nigeria, Dr. Sarah Alade he Monetary Policy Committee of the Central Bank of Nigeria on Tuesday expressed concern over the drop in fiscal buffers, stating that the development had exposed the economy to vulnerabilities arising from both domestic and external shocks. The committee, at the end of its meeting at the central bank headquarters in Abuja, noted that the erosion had accentuated the regime of persistently high interest rates as well as elevated demand for foreign exchange. Addressing journalists shortly after the two-day meeting, the Acting Governor, CBN, Dr. Sarah Alade, explained that following the depletion of the external reserves, the committee had mandated the management of the bank to continue to monitor developments in the fiscal space, with a view to taking appropriate monetary policy actions. She put the country’s gross external reserves as of May 15, 2014 at $38.30bn, compared with $37.40bn at the end of March and $4...