As Reserves Hit $31 Billion, CBN Pledges to sustain FX Intervention

Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele has stated that the country's foreign reserves have exceeded $31 billion; a development which he said gives the central bank the firepower to sustain its forays into the foreign exchange market.

The CBN Governor expressed optimism that Nigeria would come out of recession by the end of the second quarter of 2017, or latest by the third quarter of the year.

 Emefiele stated this on Tuesday when he briefed newsmen after a closed-door meeting with the President of the Senate on its FX policies and interventions in the market.