Finance

Nigeria’s Foreign Reserves Set To Hit $50bn In 2018 – Emefiele

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that Nigeria’s foreign reserves have risen significantly from $23 billion in October 2016 and may hit $50 billion at the end of the current year.

He made this known Monday at the 25th CBN seminar for Finance Correspondents and Business Editors in Uyo, Akwa Ibom State.

Emefiele, who was represented by Deputy Governor, Corporate Services, Mr. Edward Adamu, said the CBN’s policies have helped set the nation on its way to economic boom despite falling into a devastating recession.

However, he said the nation was not out of the woods yet and must remain vigilant to avoid a relapse.

“Foreign exchange supply has improved since the establishment of the Investors and Exporters, I&E, window, with autonomous inflows of over $20 billion through this window alone from April 2017 to date.

“Foreign exchange reserves have recovered significantly from a low of just over $23 billion in October 2016 to about $47.37 billion as at April 5, 2018. Foreign exchange reserves will continue to grow. Following recent accretion, FX reserves may be about $50 billion sometime later this year,” he said.

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John is a University of Lagos-trained journalist. His views are always the end products of a deliberate search for information and knowledge. He has read almost every novel written by Chinua Achebe, Jeffrey Archer and Dan Brown. He is an expert Scrabble and draughts player who is also excellent at swimming. If you know the capitals of 45 African countries by heart, then you are exactly like him.

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