External Reserves Rise To $37.9bn

The Central Bank of Nigeria (CBN) has said that the nation’s external reserves stood at 37.91 billion dollars as at April 15.

This was posted on the apex banks’ Website on Wednesday.

According to the apex bank, 36.87 billion dollars of the reserves is in ‘liquid’ form, while 1.048 billion dollars is in ‘blocked’ form.

The new figure represents an increase of 60 million dollars or 2.77 per cent over the 37.85 billion dollars recorded on April 1.

The News Agency of Nigeria (NAN) reports that the reserves has been fluctuating from 43.51 billion dollars in January to 37.91 billion dollars in April.

NAN recalls that Dr Ngozi Okonjo-Iweala, the Minister of Finance and Coordinating Minister for the Economy, had said that there was the need for Nigeria to shore up its external reserves.

She said this would enable the economy to be strong enough in event of any global adverse development.