CBN assuages concern over external reserves depletion

29 September 2014, New York – The coming 2015 elections will not deplete the fortunes and reserves of the country, Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, said in New York last week.

Godwin EmefieleSpeaking at the Africa Business Summit, a high level international forum on Africa’s investment climate and markets, with the theme, “Africa is rising, There are challenges, Still We Rise”, Emefiele said the economy of Nigeria was currently doing well and that the 2015 elections would not make it take a downturn. He added that Nigeria currently has a reserve of about $41billion, which is the highest in the continent.

He said though there were predictions in some quarters that crude prices would fall and revenues would drop, a $39-$41billion reserve was more than sufficient to support imports and production for the next seven to eight months.

“Nigeria’s economy is doing very well and 2015 will not be different, people generally are expecting that crude prices are coming down and maybe there will be reduction in production and crude prices will fall”. He however added that the country’s GDP was consistently moving up.


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