Jubiliation Aso Rock as Nigeria External Reserve to hit $42 billion mid-next year:- Godwin Emefiele
The CBN Gov. Godwin
Emefiele, yesterday, said the country’s external reserve would hit $42 billion
mid-next year even as he expressed confidence in the continuous recovering of
the economy. Emefiele said this at the France-Nigeria Security and Economic
Summit holding in Paris.
Recall that external
reserve dropped to about $33 billion, the lowest in recent times, in the second
quarter of the year as the economy struggled under the weight of COVID-19
impacts and other structural challenges. It has recovered remarkably with the
gross figure hovering $41.8 billion.
Yesterday, the apex
bank’s governor accepted that the economy had not fully emerged from the
COVID-19 strain but noted that the country has seen the worst, as the future
looks increasingly brighter.
“Nigeria’s external
reserve is expected to surpass $42 billion by mid-2022. This is due to the
sustained increase in crude oil price, the impact of Eurobond issuance, and the
stable exchange rate condition,” Emefiele said.
Emefiele said he was
optimistic of the continuous deceleration of the inflation rate. He expected
the headline inflation to moderate to 15.35 per cent by December and 14.91 per
cent by February 2022.
Stressing that
“confidence in the Nigerian business environment is growing”, the governor said
overall business confidence index is projected at 37.7 index points this month
and 57.6 index points by mid-2022.
He listed InfraCo PLC
establishment and eNaira as some of the catalysts of the next phase of growth.
He said the digital currency, which was rollout recently, would improve on the
monetary management framework.
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