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Nigeria’s foreign reserves hit $40bn

Nigeria’s Foreign Reserves Hit $40bn

The nation’s foreign exchange reserves yesterday hit $39.7 billion, after gaining about $1.6 billion in the last one week, The Guardian reports.

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, had last week Tuesday disclosed that the reserves were at $38.2 billion. He had also said that the government was fully positioned to support genuine manufacturing companies that would make the difference in the pursuit of an economic rebound in the country.

The development came barely 18 days before the end of the year, when Emefiele predicted that the reserves would hit a $40 billion mark. The increase signals the country’s return to being a favourite destination in international deals and enhanced confidence, as investors priced the naira at N360.37 per dollar and turned over $301.21 million, according to FMDQ OTC Securities Exchange data.

The post Nigeria’s Foreign Reserves Hit $40bn appeared first on Energy News | Oil and Gas News.



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