Nigeria’s External Reserves Build Up To $42bn… Highest In 32 Months

Nigeria’s foreign exchange reserves climbed to a 32-month high as latest figures from the apex bank, Central Bank of Nigeria, show that the reserves stood at $42.02bn by October 17 with an increase of 3.11 per cent, month-on-month.

According to the Managing Director, Financial Derivatives Company Limited, Mr. Bismark Rewane, the present level could cover over 10 months of imports.

“Favourable oil prices and a stable oil production of an average of 2.2mbpd have helped boost growth in reserves level. We expect the trend to continue as long as the oil market activities remain buoyant,” he added.

Meanwhile, the Minister of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, has stressed the need for the country to shore up its external reserves.

At a meeting with the Organised Private Sector in Lagos, the minister had reiterated the need to build up the reserves to $50bn before December.

The call became necessary as she said it would help the country to wade through any global economic recession that might arise in future.