Nigeria’s Foreign Exchange Reserves to Withstand 9months Import Cover at $39.5 Billion.

22nd Oct 2014 The central bank of Nigeria has said that Nigeria’s foreign exchange reserves which stand at thirty nine point five billion dollars can withstand nine-months import cover, against three months regarded as the norm, internationally. Mister Godwin Emefiele, governor of CBN said this while speaking at the 2014 Chartered Institute of Bankers of Nigeria Investiture, adding that the regulator would take the necessary steps to help Nigeria withstand the oil price shocks currently ravaging world economies. Emefiele who spoke on the theme: “Making Nigeria a major destination for foreign direct investment’ said the CBN is also creating policies that will create macro-economic stability and growth, and that price stability will remain Monetary Policy Committee role in short and medium term. He said that despite pressures of speculative behaviors in the forex market, the CBN will continue to intervene where necessary to stabilize the naira banking on enough foreign reserves. “We will maintain healthy external reserves position. We expect the naira to remain strong going forward”, he said. He also charged bankers to be honest and show the highest level of ethics while carrying out their duties.

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