Nigeria’s External Reserves Now Stand at $46 Billion’, – CBN

Nigeria’s external reserves has been said to be steadily heading towards the $50 billion standing at $46 billion as at close of business on Friday, last week.

According to figures from the Central Bank of Nigeria (CBN) at the weekend, the reserves grew to about $3.2 billion between February and March this year.

According to reports, the reserves at the beginning of this year, stood at $39.3 billion, then rose to $42.8 billion in February before rising to $46 billion dollars.

The Acting Director, Corporate Communication Department of the Central Bank of Nigeria (CBN), Mr Isaac Okoroafor, in a clarification, attributed the increase in external reserves to the apex bank’s efforts at discouraging unnecessary importation and reducing the nation’s import bill, inflow from oil and non-oil exports, as well as the huge inflows through the investors and exporting window of the foreign exchange market which he maintained attracted over $33 billion since April last year when it was created.

Recall that the CBN Governor, Mr Godwin Emefiele, at the annual dinner of the Chartered Institute of Bankers of Nigeria (CIBN), held in November last year had projected that  Nigeria’s external reserves would hit the $40 billion mark in 2018.

 

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