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Business and Economy

External reserve hit $33bn, first time in 31 months

central bank of nigeria

In Nigeria

The Central Bank of Nigeria (CBN) has said the country’s foreign exchange reserves hit $33billion as of September 14, the highest level in 31 months, before the country went into recession.

According to a DAILYTRUST report, this information was revealed by the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, while speaking at the ongoing 24th seminar for Finance Correspondents and Business Editors in Awka, Anambra State.

The apex bank chief, represented by the bank’s spokesman, Mr Isaac Okorafor, noted that this feat was achieved due to the relative peace in the oil-rich Niger Delta region of the country, which resulted into increased oil output and earnings.

The Vice President, Mr Yemi Osinbajo, earlier this year, held consultative meetings with leaders in the Niger Delta, appealing to them to urge their youths to stop attacks on oil installations in the region.

Nigeria depends solely on oil for forex and the fall in the global prices of the commodity was affecting the country because of serious drop in output.

Emefiele said the apex bank would continue to grow the reserves so as to support the economy.

The CBN, mostly on a weekly basis, intervene in the foreign exchange market from the external reserves.

This week, the bank released $250million to various segments of the market in order to reduce the huge pressure on Naira.