Fidelity Banner Yudala
CBN reassures on external reserves, health of the Nigerian economy

By News Express on 10/09/2013

Share on facebook Yahoo mail icon Gmail icon

Views: 1,364

Nigerians need not fear or fret about the position of the country’s external reserves or the health of the economy, the Central Bank of Nigeria (CBN) has said.

Speaking yesterday in Abuja, the Nigerian capital, CBN Governor, Mallam Sanusi Lamido Sanusi, dismissed alarming reports that the reserves are experiencing sharp decline and that the country’s economy might not be experiencing good health. The country’s number one banker who spoke at the opening ceremony of the regional course on reserves and foreign exchange management, stressed that the current value of $46bn indicate that the fundamentals of the Nigerian economy remains strong.

“Nigeria’s foreign reserves have not been declining; our reserves level is about $46bn and that’s still very strong, which is approximately 11 months of imports,” said Sanusi, who was represented by the Deputy Governor, Operations, CBN, Mr. Tunde Lemo.

“The fundamentals of the Nigerian economy are still very strong and occasionally, there might be increase or decrease, but it has been hovering between $45bn and $47bn, and that is very strong. In Africa, it is either the second highest or third highest. I think it is the second highest only after Algeria, and that’s really very remarkable,” he added.

The CBN Governor explained that “a major concern among central banks in recent times is how to generate income from foreign exchange reserves without compromising the reserves management objectives of safety and liquidity. Liquidity and safety are far more important and they come before returns management.”

He noted that since the financial crisis of 2008, reserves managers had come under increased pressure to find ways of enhancing income. This development, he disclosed, made the CBN to diversify its reserves portfolios by investing in the Chinese Renminbi.

Nigeria’s foreign reserves have been hovering between $47bn and $48bn since February 20 this year. The Nigerian Government is targeted an external reserves balance of $50bn by the end of this year.

•Photo: CBN Governor Sanusi.

Source Business Express

Posted 10/09/2013 11:28:54 AM


Share on facebook Yahoo mail icon Gmail icon



Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!


You may also like...
Dead referee appointed for Sunday’s match between Warri...

Osama Bin Laden’s son threatens revenge for father’s...

Dokubo attacks Buhari, says he is “a rotten...


Anti-corruption coalition petitions NJC over barring of magistrates...

Age scandal hits Golden Eaglets; half the squad...

Amnesty office resumes payment to ex-Niger Delta militants...

Nigerians march against Boko Haram in Abuja

Nigeria’s security challenges: Practical solutions to proliferation of...

Buhari spits fire, says those who distorted 2016...

Learn from Whitney Houston, Michael Jackson, others, Gov....

US Presidential Primaries: Trump, Clinton win decisive victories...


Latest News Jammeh accused of stealing $11 million Buhari breaks silence from London amid death rumours 1,000 SABMiller managers to lose jobs following merger Suspected Fulani bandits attack travellers on Lagos-Ibadan expressway Biafra: South East senators, IPOB spit fire Northern Governors meet to brainstorm on security issues Boko Haram must not be allowed to regroup, says UN Southern Kaduna killings ungodly — Council of Chiefs •Tasks security agencies on hate speeches Cameroon General coordinating war against Boko Haram dies in helicopter crash Kenya targets 1 million digital jobs for youths in a year Reps issue ultimatum over N6trn oil proceeds Tinubu rescues Yahya Jammeh •How Nigerian moneybag’s private jet flew ousted Gambian leader into exile


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (223,280 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (203,245 views) Shameless Genevieve Nnaji exposes breasts in public (169,582 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (158,693 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (142,939 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (127,787 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (113,426 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (111,832 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (100,376 views) Lagos plane crash: Journalist releases victims’ names (96,558 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (91,709 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (77,677 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (25) Business (2,415) Business Verdict (14) Columnists (611) Complaints & Requests (81) Enterprise & Opportunities (133) Entertainment (283) Features (359) Global Business Monitor (129) International (1,202) Interviews (112) Live Commentary (28) Love Matters (37) News (20,807) Opinion (621) Pidgin (8) Politics (3,500) Religion (460) Sports (1,210) Stock Watch (10) AMA & Al Jazeera Global Update


UBA banner advert



Africa Media Agency and Al Jazeera





Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!