Foreign reserves have risen to $34.65bn within eleven days, latest figures from the Central Bank of Nigeria have indicated.
The report specifically showed that the foreign reserves rose by $1.22bn from $33.42bn as of April 29, 2020 to $34.65bn on May 11.
The reserves had slipped into a decline after hitting a high of $45.17bn on June 11, 2019, losing $11bn at $33.89bn as of April 28, 2020.
The Central Bank Governor, Mr Godwin Emefiele, during the last Monetary Policy Committee meeting of the banking sector, reiterated the need for government to urgently reduce reliance on oil revenue by gradually diversifying the economy and improving tax collection.
On the domestic front, he said, available data on key macroeconomic variables indicated the likelihood of subdued output growth for the Nigerian economy in 2020.
He said, “Based on the current downturn in oil prices, staff projections indicate that output in 2020 would be less than earlier envisaged.
Source: Punch Newspaper
