External Reserves Rise To $43.3bn-CBN

Dr ngozi okonjo-iweala

The nation’s apex financial Institution, Central Bank of Nigeria (CBN), on Wednesday on its online portal, disclosed that the nation’s external reserves had climbed to $43.314 billion, an increase of $6 million as at Jan. 7, 2014.

According to the government bank, the amount represents $42.07 billion in ‘liquid’ while $1.043 billion is in ‘blocked’.

It said also that the reserve appreciated by 2.41% compared with $43.308 billion recorded in Jan. 6.

The amount was the second growth increase in the foreign reserve since May 7, 2013 when it stood at N48.65 billion.

It could be recalled that the Minister of Finance and Coordinating Minister for the Economy Ngozi Okonjo-Iweala, had in July 2012 stressed the need for Nigeria to shore up its external reserves.

Okonjo-Iweala had then said that there was the need for the nation to build up the reserves to $50 billion dollars (N77.50 trillion) before the end of 2012.

She said that the reserves needed to be strong enough to help the country in the event of any global economic recession.