External reserve rises to $38.4billion, CBN says

Central Bank Governor, Lamido Sanusi

CBN says the nation’s external reserve witnessed a 3.7 per cent growth on August 27.

Ata Udo 

The Central Bank of Nigeria (CBN) said on Wednesday that the nation’s external reserves climbed from about $38 billion (about N5.89trillion) to over $38.4 billion (N5.93 trillion) on August 27.

The apex bank claims that the nation’s external reserves have continued to grow since August 1, 2012. According to bank, the supplementary $374 million (about N57.97 billion), is the highest within the month of August and represents a 3.7 per cent rise. The external reserve dropped to the lowest level of about N3.2985 trillion on January 3.

The Minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala, has always stated the need for the Federal Government to shore up the country’s external reserves.

At a meeting with members of the Organised Private Sector (OPS) in July, the minister said there is the need to build up the reserves to $50 billion before December this year.

Mrs. Okonjo-Iweala held that such healthy external reserves would help the country’s economy continue to stand on its feet in the event of any global economic recession.

TEXT AD: Discover!! New Solution Helps Men Get Bigger Penis To 7inch without Side Effect size and Last 25minutes+ During Sex Click Here To Read...

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.