Nigeria leads South Africa in foreign reserves


Nigeria leads South Africa in foreign reserves Photo File

Nigeria is leading South Africa in net foreign reserves as that of the West African country hits $47.37 billion in March to beat South Africa which has $43.15 billion.

Nigeria which recently recovered from economic recession with less than $21 billion in foreign reserves has built up its reserves massively over one and half years.

The increase in the country’s foreign reserves is reported to have stabilized its foreign exchange which had gone haywire in the past.

South Africa’s reserves fell to $43.115 billion in April from $43.384 billion in March, the Reserve Bank said on Tuesday.

The forward position, which represents the central bank’s unsettled or swap transactions, was lower at 1.933 billion dollars from 1.996 billion dollars in the previous month.

“The decrease of 440 million dollars in the gross reserves reflects the foreign exchange payments made on behalf of the government and the appreciation of the U.S. dollar against most currencies,” the central bank said.

Nigeria’s new figures rose from about $46.2 billion realised at the end of March.

The CBN Governor, Godwin Emefiele, announced the new balance in the reserves at the opening of the 25th seminar for Business Editors and financial Correspondents in Uyo.

Mr Emefiele, who was represented by the newly appointed deputy governor, Corporate Services, Edward Adamu, said the CBN hopes to meet the $50 billion target before the end of the year.

Leave a comment



Loading...
view more articles

About Article Author

Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design & development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

View More Articles

100 Most Popular News

Displaying 1 - 100 of 100

Subscribe to comments feed Comments (0 posted)

total: | displaying:

Post your comment

  • Bold
  • Italic
  • Underline
  • Quote

Please enter the code you see in the image:

Captcha