Nigeria’s Foreign Reserves Climb To $47bn

The Central Bank of Nigeria (CBN) says Nigeria’s External Reserves is steadily growing and currently stands at $47.37 billion dollars as at April 5.

Godwin Emefiele, CBN governor, said in a statement on Monday that the reserves rose from about $46.2 billion realised at the end of March.

Mr Emefiele, who was represented by the newly appointed deputy governor, Corporate Services, Edward Adamu, made the announcement at the opening of the 25th seminar for Business Editors and financial Correspondents in Uyo.

Adamu expressed the apex Bank’s commitment to achieving the $50 billion target before the end of the year.

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