Nigeria currently leads South Africa in net foreign reserves as the nation’s reserve hit 47.37 billion US dollars (N17 trillion) in March 2018, to beat South Africa which has 43.15 billion US dollars.
Nigeria recently gained recovery from the economic recession with less than 21 billion US dollars in foreign reserves but has massively boosted its reserves in over one and half years. The boost in the foreign reserves has been reported to have provided stability to its foreign exchange which had seen a downward fall in the past.
South Africa’s reserves saw a decline to 43.115 billion US dollars in April from 43.384 billion US dollars in March. This was disclosed by the Reserve Bank on Tuesday.
The forward position which is a representation of the central bank’s unsettled transactions saw a decline to 1.933 billion US Dollars from 1.996 billion US 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 figure which was realized at the end of March rose from about 46.2 billion US dollars. The new balance in the reserves was announced by the Governor of the CBN, Godwin Emefiele, at the opening of the 25th seminar for Business Editors and financial correspondents in Uyo.
He was ably represented by Edward Adamu, the newly appointed deputy governor, Corporate Services. He added that the CBN had a target of 50 billion US dollars before the year comes to a close.