Nigeria's External reserves rises to N43.314 billion

By The Rainbow

The Central Bank of Nigeria (CBN), has said that the nation's external

reserves appreciated to $43.314 billion, an increase of $6 million as at Jan. 7, 2014. CBN made the disclosure through its website. According to the Apex bank , the amount represents $42.07 billion in 'liquid' while

$1.043 billion is in 'blocked'. It said also that the reserve appreciated by 2.41 per cent compared

with $43.308 billion recorded in Jan. 6 Reports says that the amount was the second growth increase in the foreign reserve since

May 7, 2013 when it stood at N48.65 billion. It will be recalled that the Minister of Finance and Coordinating Minister for the Economy

Ngozi Okonjo-Iweala, had in July 2012 stressed the need for Nigeria to shore up its

external reserves. Okonjo-Iweala had then said that there was the need for the nation to build up the

reserves to $50 billion dollars (N77.50 trillion) before the end of 2013 She said that the reserves needed to be strong enough to help the country in the event

of any global economic recession.