External Reserves Hit $38.4bn – CBN

The Central Bank of Nigeria (CBN) said that the nation’s
external reserves hit $38.4 billion (N59.3 trillion) on Aug. 27, up from $38
billion (N58.9trillion) on August 24.

The bank said on its official website that the $374 million
(N57.97 billion) jump, the highest in the month, represented a 3.7 per cent
increase.

We recalled that the CBN had reportedly said that the
nation’s external reserves had continued to grow since the August 1.

Also, the reserves dropped as low as N32.985 trillion on January
3.

Consequently, the Minister of Finance and Coordinating
Minister for the Economy, Dr Ngozi Okonjo-Iweala, stressed the need for Nigeria
to shore up its external reserves.

At a meeting with the Organised Private Sector (OPS) in
July, Okonjo-Iweala said that there was the need to build up the reserves to
$50 billion before December.