The Central Bank of Nigeria has given reasons why the nation’s external reserves, which currently stand at $44bn, have been on a downward trend lately. Speaking during the CBN Day at the ongoing Abuja International Trade Fair in Abuja on Wednesday, the Director, Corporate Communications at the apex bank, Mr Isaac Okorafor, explained that the external reserves had been going down recently because of higher yields in the United States. Okorafor, however, gave an assurance that at the current level, the external reserves were sufficient to take care of the nation’s import bill for 17 to 20 months, much more than the three-month standard recommendation. According to him, some foreign investors who had gone to emerging markets to take advantage of the high yields, have had to go back to the United States because of better opportunities there at the moment, adding that Nigeria’s situation was not peculiar. Read more:
Category: Market News
