The foreign reserves of Nigeria has surpassed that of South Africa following concerted economic initiatives.
Nigeria is leading South Africa in net foreign reserves as that of the West African country hits $47.37 billion in March to beat South Africa which has $43.15 billion.
Nigeria which recently recovered from economic recession with less than $21 billion in foreign reserves has built up its reserves massively over one and half years. The increase in the country’s foreign reserves is reported to have stabilised its foreign exchange which had gone haywire in the past.
South Africa’s reserves fell to $43.115 billion in April from $43.384 billion in March, the Reserve Bank said on Tuesday. The forward position, which represents the central bank’s unsettled or swap transactions, was lower at 1.933 billion dollars from 1.996 billion dollars in the previous month.
“The decrease of 440 million dollars in the gross reserves reflects the foreign exchange payments made on behalf of the government and the appreciation of the U.S. dollar against most currencies,” the central bank said. Nigeria’s new figures rose from about $46.2 billion realised at the end of March.
The CBN Governor, Godwin Emefiele, announced the new balance in the reserves at the opening of the 25th seminar for Business Editors and financial Correspondents in Uyo.
Mr Emefiele, who was represented by the newly appointed deputy governor, Corporate Services, Edward Adamu, said the CBN hopes to meet the $50 billion target before the end of the year.