Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele made this disclosure yesterday while briefing the Senate leadership on the state of the nation’s economy and actions being taken by CBN to boost it. Emefiele, at the briefing explained that though the crash in the price of crude oil in the international market since last year still has serious rippling effect on Nigeria’s economy, being a mono-product one over the years, signs of recovery are already emerging, one of which is the rise in the nation’s foreign reserves from $29.1billion to $31.89billion within a space of five weeks.
He said:
“Reflecting the sharp fall in oil prices and speculative foreign exchange activities, the external reserve declined from $37.3 billion in June 2014 to $29.1 billion at the end of June of 2015.
“But today, I am delighted to note that with the strong efforts of President Muhammadu Buhari, to block all leakages as well as the vigilant demand management strategy of the CBN, we have seen our foreign exchange reserve begin a gradual recovery.
“As at the 7th of July, 2015, the reserve stood at $31.89 billion, a trend we find extremely gratifying”.
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