The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, have noted that Nigeria’s external reserves are sufficient to meet up with imports of goods and services for the next seven months.
This he stated during the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria which held in Lagos.
Nigeria’ external reserves which according to the CBN governor is over $35 billion are sufficient to cover seven months of import of goods and services.
Emefiele noted that the decrease in crude oil earnings and the retreat by foreign portfolio investors affected the supply of foreign exchange into Nigeria. The rate of naira to dollar depreciated from #305 per dollar to #360 per dollar, and thereafter to #380 per dollar.
In his words following the decrease in the country’ foreign exchange earnings and subsequent exchange rate adjustments, the CBN has continued to initiate a framework to effectively meet demand.
Emefiele said that measures were being taken to improve the non-oil exports and other sources of foreign exchange, which has helped to prevent a decline in the country’s reserves.
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