Nigeria’s external reserves hits 3-year high of $38 billion

Naira in shocking fall in Forex market

Nigeria’s external reserves has increased to the highest level in the past three years.

The new level of the reserve is $38.2 billion.

Governor of the Central Bank of Nigeria, Godwin Emefiele, made this known at the commissioning of a new plant of Unilever at Agbara in Ogun State.

The apex bank’s governor said the reserves level was $40 billion in October, before it began to decline to $23 billion in January 2016.

Emefiele said, “Today we are beginning to sing positive songs and our stories are looking good. Our reserves today stand at 38.3bn dollars.

“In the last seven months, we have seen a $10bn inflow into the economy not only as foreign portfolio investment but also as foreign direct investments.” 

He blamed the gradual drop in the reserves to $23 billion in January last year was due to the crash in the global price of crude oil and militants attacks on oil facilities in the Niger Delta region.

 

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