Nigeria’s foreign exchange reserves continued to grow significantly to $ 47.37 billion as of April 5, according to the latest figures from the Central Bank of Nigeria (CBN). The last time the country recorded foreign exchange reserves at this level was in July 2013.
CBN governor Godwin Emefiele on Monday announced the new balance on reserves at the opening of the 25th seminar of commercial writers and financial correspondents at Uyo. According to him the CBN hopes to reach the target of 50 billion dollars before the end of the year.
Growth stimulated by the success of its Eurobonds offers, combined with higher production and oil prices.
The authorities also remain optimistic that inflationary pressure will continue to weaken, even anticipating that it could return to very low double-digit or high-single-digit levels during the year.
Nigeria’s last foreign reserves are about $ 4 billion more than South Africa’s $ 43.384 billion in March, up from $ 43.272 billion in February, the South African central bank said on Monday.
