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Nigeria`s foreign reserves grow by 10%

Posted by AngolaPress on 2005/01/10 | Views: 317 |

Nigeria`s foreign reserves grow by 10%


Nigeria`s steadily-rising foreign reserves leapt from $14.67 billion in October 2004 to $16.14 billion in November, representing a 10 percent increase during the period, according to the Central Bank of Nigeria (CBN).

Lagos, Nigeria, 01/08 - Nigeria`s steadily-rising foreign reserves leapt from $14.67 billion in October 2004 to $16.14 billion in November, representing a 10 percent increase during the period, according to the Central Bank of Nigeria (CBN).

The CBN monthly report for November 2004, released in Lagos Thursday, said the reserves could finance 14.67 months of imports at the current level of the country`s foreign exchange commitment.

It said there was a net inflow of $1.569 billion foreign exchange through the apex bank in November 2004, arising from a total foreign exchange inflow of $2.662 billion and a total outflow of $1.092 billion.

The figures were against the $2.682 billion dollar inflow and 1.47 billion dollar outflow recorded in October.

The report attributed the fall in foreign exchange inflow in November 2004 to the 2.7 percent drop in crude oil export earnings during the month.

It said the country`s industrial sector was responsible for about 44.7 percent of total foreign exchange disbursed by the apex bank last November, followed by the general merchandise, which accounted for 19.0 percent.

The report identified other beneficiary sectors as invisibles (17.6 percent), food (10.6 percent), transport (7.6 percent) and agricultural products (0.5 percent).

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