Nigeria's foreign reserve raised to $48 billion in 12 months

Nigeria's foreign reserve raised to $48 billion in 12 months

- The nation's foreign reserve has been raised to $48 billion in 12 months

- The foreign reserve was said to have risen by 100% in the last 12 months

- The Central Bank of Nigeria made this disclosure, adding that in the first quarter of 2018, the Gross Domestic Product growth rate improved by 1.95%

Nigeria's foreign reserve is presently standing at $48 billion, rising by 100% in the last 12 months, just as the Gross Domestic Product (GDP) growth rate improved to 1.95% in the first quarter of 2018.

This was disclosed by the Central Bank of Nigeria (CBN) through its deputy governor, Bayo Adelabu, Daily Trust reports.

Legit.ng notes that Adelabu, who lauded the Godwin Emefiele-led management of the apex bank for the drastic reforms, spoke at the official commissioning of the CBN Medical Diagnostic and Treatment Centre in Ibadan, Oyo state.

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He said: “Today, we have seen more than 600 bases drop or decline in inflation rate over an 18 months’ period. In the case of the dollar, we recorded drop of N165 in the exchange rate for the said period of time to stabilize our naira. It has been N360 to a dollar for the past 14 months.

“Our reserve today has doubled from $24bn to $48bn within the period of 12 months. Our GDP reversed and we started recording positive growth, with first quarter of 2018 at 1.95 per cent growth rate. All these are results of hard work and commitment to grow the nation’s economy as promised by Mr President, Muhammadu Buhari.

"We came up with policies, with regulations and ideas and three years down the line, is the story not different?

“Everything reversed. It is not by coincidence or by accident but hard work, commitment, dedication, passion, belief in ourselves and by God’s grace, we were able to achieve all these. Within ourselves, we believed there was nothing like impossibilities in our dictionary."

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Meanwhile, Legit.ng previously reported that Nigeria’s foreign reserve accrued by $442.8 million or 1.07% rising to $41.54 billion as at February 14, 2018.

The reserve was said to have crossed $41 billion on February 8, 2018, a level it last achieved in December 2013.

It was reported that analysts projected that the reserve would continue to accrue this year, rising to almost $50 billion.

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Source: Legit.ng

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