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Nigeria’s external reserves still above $48billion – Central Bank

By on April 19, 2013

The Central Bank of Nigeria, CBN, yesterday, said Nigeria’s external reserves stood at 48.76 billion dollars (N75.57 trillion) as at April 16. The apex bank disclosed this on its website.

According to the CBN, the figure represented an increase of 2.54 per cent over the last figure of 48.75 billion dollars (N75.56 trillion).

The News Agency of Nigeria, NAN, reports that the nation’s external reserves have maintained an upward trend since the beginning of 2013.

It would be recalled that minister of Finance and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala had in July 2012, stressed the need for Nigeria to shore up its external reserves.

Okonjo-Iweala had said there was need to build up the reserves to 50 billion dollars (N77.50 trillion) before the end of 2013.

She said the reserves needed to be strong enough to help the country in the event of any global economic recession.

NAN recalls that Nigeria’s external reserves was 44.18 billion (N68.47 trillion) in December of 2012. It grew to 44.34 billion (N68.72 trillion) in January of 2013, representing an increase of 2.82 per cent.