Nigeria’s foreign reserves rises by $1bn in one month, CBN says

The governor of apex bank in Nigeria, Godwin Emefiele has said that the country’s foreign reserves increased by $1bn in one month.

Emefiele, who was by the newly appointed Deputy Governor, Corporate Service, Edwards Adams, spoke in Uyo, Akwa-Ibom state capital on Monday, where he shared the development with newsmen, at the opening ceremony of the 25th seminar for business editors and financial correspondents.

According to him, the surge in accruals to Nigeria’s foreign exchange continues, as the Central Bank of Nigeria figures indicated that it added $1 billion in less than one month.

He said, compared to March when the country’s external exchange buffer recorded $46.2 billion, the apex bank data posted a $1 billion increase.

The CBN chief expressed optimism that with the progress already achieved, the apex bank is likely to meet the $50 billion target before the end of the year.

The apex bank noted that Nigeria’s foreign reserves began to witness improvement when the CBN restricted 41 items from imported items into the country.

Though, the Acting Director of CBN, Corporate Communications, Isaac Okorafor, who partly agreed to this development, listed other factors such as inflow from oil and non-oil exports, and huge inflows through the investors and exporters window of the foreign exchange market, for contributing to the growth.

Okorafor said, “The bank’s interventions in the foreign exchange window had also helped to moderate the pressure on the forex reserves by sustaining liquidity in the market and boosting production and trade,” he said.

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