Nigeria’s Reserves Could Sustain Nine Months Of Import, Says CBN

Central Bank of Nigeria (CBN) has assured that Nigeria’s external reserves can sustain the current level of the country’s import for nine months.

The Apex bank governor, Godwin Emefiele, gave the assurance while speaking at the 54th annual bankers dinner over the weekend in Lagos.

The external reserves, which he puts at above 40 billion dollars last October, have dropped to below 40 billion dollars last month, following a fall in world oil prices.

Emefiele also said that the exchange rate of the Naira had been stabilised for the past 26 months with the 60 billion dollars inflow from investors and exporters in foreign exchange window.

According to the CBN Governor, the window introduced since April 2017 has stabilized the exchange rate of the Naira at 360 naira to a dollar..

 

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