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External reserve hit $33bn, first time in 31 months

Updated Saturday 16 September 2017 19:46
External reserve hit $33bn, first time in 31 months
This week, the CBN has released $250million to various segments of the market in order to reduce the huge pressure on Naira.

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The information was revealed by the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, while speaking at the ongoing 24th seminar for Finance Correspondents and Business Editors in Awka, Anambra State.

The apex bank chief, represented by the bank’s spokesman, Mr Isaac Okorafor, noted that this feat was achieved due to the relative peace in the oil-rich Niger Delta region of the country, which resulted into increased oil output and earnings.

The Vice President, Mr Yemi Osinbajo, earlier this year, held consultative meetings with leaders in the Niger Delta, appealing to them to urge their youths to stop attacks on oil installations in the region.

The CBN, mostly on a weekly basis, intervene in the foreign exchange market from the external reserves.

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