Nigeria’s external reserves hit $40bn CBN target

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele

Nigeria’s external reserves has crossed $40 billion targeted by Governor of Central Bank of Nigeria (CBN), Godwin Emefiele.

Funds in the external reserves hit $40.4 billion last Friday, representing about $1 billion increase from reserves level last December 31.

CBN’s Acting Director of Corporate Communications, Isaac Okoroafor, attributed the rise in the reserves to effective management of foreign exchange demands by various sectors of the economy.

CBN’s policy, according to him, has reduced Nigeria’s import bill from over $5 billion daily in 2015 to $1.5 billion this year.

He expressed optimism that with the determination of the Bank and the cooperation of the fiscal authorities, the external reserves will continue to enjoy more accretion in 2018.

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