Nigeria’s external reserves hit four-year high of $38.2bn

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Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, says the country’s external reserves have hit a four-year high of $38.2bn following the success of the $3bn Eurobond issue by the federal government last month, coupled with higher oil prices and production.

Speaking on Tuesday during the inauguration of a €10m fully automated Blue Band margarine factory by Unilever Plc, he stated that with the rate of accretion, the nation’s external reserves are expected to meet the central bank’s projection of $40 billion by the end of 2017.

 

Emefiele said: “In January 2014, Nigeria’s reserves were about $40 billion and by October 2016, it had dropped to $23 billion, all because of the haemorrhaging of foreign exchange.

 

“But I am happy that today, we are beginning to sing positive songs and our story is looking good at this time. We have seen reserves move up from the $23 billion to $38.2 billion.”

 

The CBN governor stated that the establishment of the factory was a fallout of CBN’s policy that restricted 41 items from accessing FX from the interbank market.

 

He harped on the need for the private sector support to assist on job creation to cater for Nigeria’s rising population and create job opportunities for Nigerian youths, stressing that government alone cannot create jobs.

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