Foreign reserves hit $50b

Nigeria’s External Reserves have increased to about fifty billion Dollars as at last month.
This represents an increase of Eighteen point six percent when compared to the amount of forty two point four for the same period last year.

The Governor of the Central Bank, Professor Chukwuma Soludo stated this at a news briefing after a meeting of the monetary policy Committee in Abuja.

Professor Soludo explained that the Nation’s current External Reserve could support about twenty three months of current foreign exchange disbursement.

While describing the overall economic performance for the year as generally improved and stable, Professor Soludo added that the Committee took some for reaching decisions to sustain the result.

Professor Soludo added that the Central Bank would also raise the monetary policy rate from nine point zero to nine point five to strengthen the scheme.