External reserves fall $6bn below FG target

Contrary to the Federal Government’s plan to raise the country’s external reserves to $50bn by year end, the reserves closed 2012 at $44.26bn as at December 24.

Figures obtained from the Central Bank of Nigeria showed that the reserves closed the year $6bn below the Federal Government’s $50bn target.

Although the reserves rose by $11.34bn, representing a 34 per cent increase in 2012 from $32.92bn in 2011, it failed to meet the Minister of Finance, Dr. Ngozi Okonjo Iweala’s desired goal. Read more

About Author: Integrity Org

Integrity Organization is committed is an anti-corruption, research and advocacy organization. Its activities are centered on the aim to reduce the tolerance for corruption in Nigeria.

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