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nairaland.net • View topic - Nigeria's External Reserve Now $38bn

Nigeria's External Reserve Now $38bn

Nigeria's External Reserve Now $38bn

Postby Richard Akindele » Tue Aug 08, 2006 5:23 pm

Governor of the Cen tral Bank of Nigeria (CBN), Professor Charles Soludo has expressed optimism on Nigeria's ability to become the financial hub of Africa, saying the nation's external reserve has now risen to $38 billion as against excess crude proceeds position of around $ 10 billion.

According to Soludo, with the marked improvement of the nation's banking system as a result of the recent reforms, Nigeria is on the way to taking her pride of place in Africa and the world. The CBN governor who stated this at a lecture in Lagos disclosed that Nigeria's banking sector has made remarkable progress in the top 1000 banks in the world unlike before. He noted however that the country still has a lot to do in order to make our banks globally competitive, saying that Nigeria is yet to get a mega bank as the worth of all Nigerian banks is just higher than the number one bank in South Africa whose capital base hovers around $51 billion.

He said that the strategy of beefing up the ex ternal reserve and insisting on partnerships between Nigerian and foreign banks for its management is to make our banks global players. "In this game you must have a strategy. So we are drying to link up our banks with foreign banks in order to make our own banks global players that will one day be able to manage the reserves of other countries", he said.

On the exchange rate, he said; "On March 27, we announced a new policy reform and the exchange rate for the dollar which was N152 fell to N150, since then it has been falling, till now, satirically speaking there is no discrepancy between the official and parallel markets. "So those who are in to rent seeking have been put out of business. The Naira has become a good store of value and a good currency to hold. "If you have been storing foreign currencies before, this is a good time for you to offload", he said.

Daily Trust.
Richard Akindele
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