Nigeria’s Foreign Reserves Hit $47 Billion

Nigeria’s foreign reserves have continued to grow significantly with latest figures by the 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.

The CBN Governor, 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.

Mr Emefiele, who was represented by the newly appointed deputy governor, Corporate Services, Edward Adamu, said the 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.

Gross reserves fell to $49.979 billion from 50.051 billion dollars, the South African central bank data showed.

The forward position, which represents the central bank’s unsettled or swap transactions, fell to $1.996 billion from $2.057 billion.

“The decrease of 72 million dollars in the gross reserves reflects the foreign exchange payments made on behalf of the government.

“It was partially offset by the depreciation of the U.S. dollar against most currencies,” the South African central bank said.