External Reserves Climb from $38bn to $38.4bn - CBN

 

The bank said on its official website that the $374 million (N57.97 billion) jump, the highest in the month, represented a 3.7 per cent increase.

As you will recall, the CBN had reportedly said that the nation’s external reserves had continued to grow since the Aug. 1. The reserves dropped as low as N32.985 trillion on Jan. 3.

Consequently, the Minister of Finance and Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, stressed the need for Nigeria to shore up its external reserves.

At a meeting with the Organised Private Sector (OPS) in July, Okonjo-Iweala said that there was the need to build up the reserves to $50 billion before December.

She said that this would help the country to stand on its feet in the event of any global economic recession.