Nigeria’s foreign reserves rise above $47bn

Nigeria’s foreign reserves have continued to grow significantly with latest figures by Central Bank of Nigeria (CBN) at about $47.37 billion as at April 5.

The new figures rose from about $46.2 billion realised at the end of March.

CBN Governor, Mr Godwin Emefiele, announced the new balance in the reserves on Monday at the opening of the 25th seminar for Business Editors and financial Correspondents in Uyo.

Emefiele, represented by the newly appointed deputy governor, Corporate Services, Mr Edward Adamu, said CBN hopes to meet the $50 billion target before the end of the year.

Nigeria’s latest foreign reserves is about $4 billion more than that of South Africa.

South Africa’s net foreign reserves rose to $43.384 billion in March from $43.272 billion in February, the Reserve Bank said on Monday.


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