NaijaPositive.com

admin · Site Admin Joined: 25 May 2007 Posts: 5404

Foreign Currency Reserves Rose 3% to $61.9 Billion

7rh Oct.'08

Nigeria's foreign currency reserves rose 3 percent to $61.9 billion in September, the central bank said. The reserves increased from $60.1 billion a month earlier, the Central Bank of Nigeria in Abuja said today on its Web site.

The reserves peaked on Sept. 18 when central bank Governor Chukwuma Soludo said they stood at $63 billion, enough to cover 16 months of import requirements. The bank did not give any explanation for the decline in the second half of the month. Record oil prices have helped the country build the biggest currency reserves in sub- Saharan Africa.

Nigeria has Africa's biggest hydrocarbon reserves, with more than 30 billion barrels of crude oil and 187 trillion cubic feet of gas. The country, which Bloomberg data show was the continent's top oil exporter in July and August, is the fifth- largest source of U.S. oil imports.

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May we be strengthened with the ability, willingness and capabilities to be good ambassadors of Nigeria contributing to its uplifting, rather than its detriment. - Cxsm

admin · Site Admin Joined: 25 May 2007 Posts: 5404

The decline in the second half of the month was due to the devalued dollar and it's impact on our foreign reserves which are in dollars. The failing U.S. economy is causing the dollar to lose value and impacting economies globally. Read http://naijapositive.myfastforum.org/about2868.html about Nigeria's foreign reserves.

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May we be strengthened with the ability, willingness and capabilities to be good ambassadors of Nigeria contributing to its uplifting, rather than its detriment. - Cxsm