External reserves increased by $3bn between April and May - Buhari

Economy

Posted  148 Views updated 7 months ago
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Despite the Coronavirus pandemic, the country’s external reserves have continue to rise, the Federal Government has revealed.

 

NEWS FLAKES NG reports that President Muhammadu Buhari in a broadcast to mark Nigeria’s Democracy Day said the external reserves grew from $33.42 billion on April 29th 2020 to about $36 billion in May, 2020 which is enough to finance seven months of import commitments.

 

He said that efforts are on to stabilize the economy, especially as the Monetary Authority took steps to build the external reserves which resulted in improved liquidity in the foreign exchange market.

 

[READ ALSO] JUNE 12: President Buhari’s full Democracy day speech >>> https://www.newsflakes.com.ng//news/president-buhari-s-full-democracy-day-speech-1502

 

 

 

 

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