Improved crude oil prices shoot Nigeria’s external reserve to 36.23bn
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The CBN says Nigeria’s Foreign Exchange Reserves rose from 34.94billion dollars in November 2020 to 36.23billion dollars as at Jan 21, 2021.
CBN Governor, Godwin Emefiele, said at the January Monetary Policy Committee (MPC) meeting of the bank, which began on Tuesday that improvement in crude oil prices contributed to the increase.
“The MPC noted the increase in the level of external reserves, which stood at 36.23 billion dollars as at 21st January 2021 compared with 34.94 billion dollars at the end of November 2020.
“This reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of COVID-19 vaccines by most developed economies,’’ he said.
“The MPC noted the increase in the level of external reserves, which stood at 36.23 billion dollars as at 21st January, 2021 compared with 34.94 billion dollars at the end of November 2020.
“This reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of COVID-19 vaccines by most developed economies,’’ he said.
He added that the Nigerian economy and the global economy had continued to show prospect for recovery from the effects of COVID-19.
He assured of improved economic growth in Nigeria in the first quarter of 2021.
“The medium-term outlook for both the domestic and global economies continued to show improved prospects of recovery.
TODAY
January 27, 2021
The Central Bank of Nigeria says Nigeria’s Foreign Exchange Reserves rose from $34.94 billion in November 2020 to $36.23 billion as at January 21.
The CBN Governor, Godwin Emefiele, said at the January Monetary Policy Committee meeting of the bank, on Tuesday, that improvement in crude oil prices contributed to the increase.
“The MPC noted the increase in the level of external reserves, which stood at 36.23 billion dollars as at 21st January, 2021 compared with 34.94 billion dollars at the end of November 2020,” he said.
“This reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of COVID-19 vaccines by most developed economies,’’ he said.