Nigeria’s external reserves rose to $39.44 billion, according to - TopicsExpress

Nigeria’s external reserves rose to $39.44 billion, according to the statistics from the Central Bank of Nigeria (CBN). The statistic has shown that as at last Friday, August 8th, 2014 the gross reserves stood $39,440,768,018. The country’s reserve was mainly derived by the steady price of crude oil in the international markets above $100 per barrels in the last few months. The reserve was in the depletion mood since early this year. The decline was due to intense foreign exchange pressure which induced increased rDAS funding required to stabilize the exchange rate, according to experts. The new CBN governor, Mr Goodwin Emifiele said when he assumed office that part of his main targets is to have exchange rate stability and aggressively shore up foreign exchange reserves. He recently increased the capital based of the Bureau De Change operation capital to N35 million and reduce the weekly amount releases to the operators from $50,000 to $15,000. Daily Trust

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