CBN gives reasons for external reserves’ fall – Punch Newspapers

0
230



Everest Amaefule, Abuja

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.

READ ALSO: EFCC arraigns Saraki’s aide for alleged N3.5bn fraud

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…



Read More…..Punch Newspapers