Nigeria leads South Africa in foreign reserves after recovering from economic recession

Nigeria leads South Africa in foreign reserves after recovering from economic recession

- Nigeria’s foreign reserve hits $47.37 billion (N17 trillion) after recovering from an economic recession with less than $21 billion

- In April, South Africa’s net foreign reserves fell to $43.115 billion from $43.384 billion

- Nigeria's foreign reserves is reported to have stabilised its foreign exchange

Nigeria is leading South Africa in net foreign reserves as Nigeria’s reserve hits $47.37 billion (N17 trillion) in March 2018 to beat South Africa which has $43.15 billion.

Nigeria which recently recovered from economic recession with less than $21 billion in foreign reserves has built up its reserves massively over one and half years.

The increase in the country’s foreign reserves is reported to have stabilised its foreign exchange which had gone haywire in the past.

South Africa’s reserves fell to $43.115 billion in April from $43.384 billion in March, the Reserve Bank said on Tuesday.

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The forward position, which represents the central bank’s unsettled or swap transactions, was lower at 1.933 billion dollars from 1.996 billion dollars in the previous month.

“The decrease of 440 million dollars in the gross reserves reflects the foreign exchange payments made on behalf of the government and the appreciation of the U.S. dollar against most currencies,” the central bank said.

Nigeria’s new figures rose from about $46.2 billion realised at the end of March.

The CBN Governor, Godwin Emefiele, announced the new balance in the reserves at the opening of the 25th seminar for Business Editors and financial Correspondents in Uyo.

Emefiele, who was represented by the newly appointed deputy governor, Corporate Services, Edward Adamu, said the CBN hopes to meet the $50 billion target before the end of the year.

In a previous report by NAIJ.com, Nigeria’s external reserves hit a new level of $40.4 billion; according to the data released by the Central Bank of Nigeria (CBN), Daily Trust reports.

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The figures from the CBN on Monday, January 8, indicated that the external reserves reached the $40.4 billion mark on Friday, January 5, indicating an increase of about one billion United States dollars between December 2017 and January 2018.

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Source: Naija.ng

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