Nigeria’s Foreign Reserve Rises To $38.2bn

By Ikenga Chronicles December 6, 2017

Nigeria’s Foreign Reserve Rises To $38.2bn

Nigeria’s foreign reserve has risen to $38.2 billion for the first time in three years, the Central Bank of Nigeria(CBN) has disclosed.

The CBN governor, Mr Godwin Emefiele, who made the disclosure at the commissioning of the Blue Band margarine production line at Agbara in Ogun State on Tuesday, said the reserves amounted to $40bn in October 2014 but went down to $23bn in January 2016.

Meanwhile, the crash in the international oil price has been blamed for the fall of the nation’s reserve.

Emefiele said: “Today we are beginning to sing positive songs and our stories are looking good. Our reserves today stand at 38.3bn dollars.

“In the last seven months, we have seen a $10bn inflow into the economy not only as foreign portfolio investment but also as Foreign Direct Investments,” he stated.

Emefiele expressed joy that the factory which was once closed down has returned with 10,000 metric tonnes, with plans to upscale to 50,000 metric tonnes in the nearest future.