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Nigeria’s external reserves rose to $39.44 billion, according to the statistics from the Central Bank of Nigeria (CBN).

The statistic has shown that as at last Friday, August 8th, 2014 the gross reserves stood $39,440,768,018.

The country’s reserve was mainly derived by the steady price of crude oil in the international markets above $100 per barrels in the last few months.

The reserve was in the depletion mood since early this year. The decline was due to intense foreign exchange pressure which induced increased rDAS funding required to stabilize the exchange rate, according to experts.

The new CBN governor, Mrs Goodwin Emefiele said when he assumed office that part of his main targets is to have exchange rate stability and aggressively shore up foreign exchange reserves.

He recently increased the capital based of the Bureau De Change operation capital to N35 million and reduce the weekly amount releases to the operators from $50,000 to $15,000.


About TransformationWatch

TransformationWatch is an online news site founded by Henry Omoregie It is focused on keeping tabs on the Transformation Agenda set out by the Nigerian leadership in the Local, State and Federal Governments. My mission is to observe, analyze and report milestones or slowdowns in promised service delivery in all the facets of governance in Nigeria (2011 and beyond). Readership is open to all Nigerians and friends of Nigeria alike, regardless of Tribe, Religion or Political divide. We are all in this together


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