The Governor of Central Bank of Nigeria, Godwin Emefiele has stated that the country’s current external reserves are sufficient for seven-month importation, which stand at $35 billion.
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This was disclosed by him during the 55th Annual Bankers Dinner organised by the Chartered Institute of Bankers of Nigeria in Lagos on Friday.
“Our external reserves currently stand above $35bn and are sufficient to cover seven months of import of goods and services,” he said, adding that the supply of foreign exchange into Nigeria has been immensely affected owing to the decline in crude oil earnings as well as the retreat by foreign portfolio investors.
“With the decline in our foreign exchange earnings and successive exchange rate adjustments, the CBN has continued to implement a demand management framework, which is designed to bolster the production of items that can be produced in Nigeria, and aid conservation of our external reserves.
“Due to the unprecedented nature of the shock, we continued to favor a gradual liberalization of the foreign exchange market in order to smoothen exchange rate volatility and mitigate the impact which, rapid changes in the exchange rate could have on key macro-economic variables.
“This we believe is in line with international best practices in countries where managed float arrangements are in operation.”
Besides, he noted that in order to adjust for the decrease in the supply of foreign exchange, he said the naira depreciated from N305/$ to N360/$, and subsequently to N380/$.
Additionally, Emefiele said efforts are being put in place to improve the non-oil exports and other sources of foreign exchange, stressing that the measures are essentially helpful to prevent a significant decline in the country’s reserves.
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