Nigeria had targeted an external reserve of $50 billion before end of 2012.
The Central Bank of Nigeria has said that Nigeria’s external reserves stood at 448.76 billion (N75.57 trillion) as at April 16.
According to the Central Bank, which disclosed this on its website on Thursday, the figure represented an increase of 2.54 per cent over the last figure of $48.75 billion (N75.56 trillion).
The nation’s external reserves have maintained an upward trend since the beginning of 2013.
The Minister of Finance and Coordinating Minister for the Economy Ngozi Okonjo-Iweala had in July 2012 stressed the need for Nigeria to shore up its external reserves.
Mrs. Okonjo-Iweala said that there was the need to build up the reserves to $50 billion (N77.50 trillion) before the end of 2012.
She said that the reserves needed to be strong enough to help the country in the event of any global economic recession.
Nigeria’s external reserves was 44.18 billion (N68.47 trillion) in December of 2012.
It grew to 44.34 billion (N68.72 trillion) in January of 2013, representing an increase of 2.82 per cent.
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