The Central Bank of Nigeria (CBN) has allayed worries over the fluctuation in Nigeria’s external reserves.
It assured that with its current level at over $44 billion, there is no cause for alarm.
Speaking yesterday during CBN’s special day at the ongoing 13th Abuja International Trade Fair, the apex bank’s Acting Director, Corporate Communications, Isaac Okoroafor, said not only does the CBN have the reserves to defend the naira, it is also sufficient to encourage small businesses to produce to boost the economy.
He added that the country’s current reserves level could support between 17 to 20 months of import compared to the international standard, which stipulated for at least three months of import to remain at a comfortable level.
He further assured that the bank will continue to ensure that finance is provided for all Small and Medium Scale Enterprises (SMEs) which may require support to be able to produce and grow the economy.
His words: “I also want to make it clear: it’s also on social media that our reserves dropped by $1.45 billion in one month.
“We are not politicians, I want you to understand that the reserves level is a moving figure; at times, it rises and other times, it comes down. And as we speak, it’s a little over $44bn.”
