Written by on November 13, 2017

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has predicted that the nation’s external reserves will hit $40bn in 2018.

Emefiele, who gave this forecast at the weekend in Lagos during the annual bankers’ dinner of the Chartered Institute of Bankers of Nigeria (CIBN), said the reserves would continue to grow as they “have recovered significantly from just over $23 billion in October 2016 to over $34.3 billion as of November 3, 2017.”

In his address entitled, “Policy Options for Sustaining Nigeria’s Economic Upturn”, Emefiele updated the gathering on the economy, the apex bank’s efforts on the macroeconomic and financial policies, as well as outlook for the coming year.

He noted that the foreign reserves grew by over $10 billion over the last 12 months, from just over $23 billion in October 2016 to over $33 billion in October 2017.

Emefiele also attributed Nigeria’s recent improvement in the ease of doing business indicators, partly to the introduction of the I&E forex window, which, he said, boosted investors’ confidence and eased market sentiments.

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