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Nigeria’s external reserves has risen to a three-year high of $33.112 billion as of October 12, according to figure obtained from the Central Bank of Nigeria’s (CBN) website.
The sustained accretion in the reserves is driven majorly by increased foreign currency inflows into the Nigerian fixed income securities market, the stability in crude oil prices as well as increased crude oil production.
CBN Governor, Mr. Godwin Emefiele at the weekend expressed optimism that fundamentals of the Nigerian economy would continue its positive momentum.
“For me, what is gratifying is that in the midst of global recovery, Nigeria itself has shown signs of recovery, especially the turnaround in the Gross Domestic Product (GDP) position, from a negative position to about 0.55 per cent. That for me shows that we are in the right position,” Emefiele had said while briefing journalists in Washington DC.
The sustained accretion in the reserves is driven majorly by increased foreign currency inflows into the Nigerian fixed income securities market, the stability in crude oil prices as well as increased crude oil production.
CBN Governor, Mr. Godwin Emefiele at the weekend expressed optimism that fundamentals of the Nigerian economy would continue its positive momentum.
“For me, what is gratifying is that in the midst of global recovery, Nigeria itself has shown signs of recovery, especially the turnaround in the Gross Domestic Product (GDP) position, from a negative position to about 0.55 per cent. That for me shows that we are in the right position,” Emefiele had said while briefing journalists in Washington DC.
