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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Nigeria: Foreign reserve hits U.S.$42 bln

Posted on 23 October 2012

Nigeria’s foreign external reserves last week hit $42 billion as international rating agency, Fitch put the country’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘BB-’ and ‘BB’ respectively with a Stable Outlook.
The reserves had been rising consistently over the past few months in line with the Coordinating Minister of the Economy’s aims at building the reserves to $50 billion before the end of the year (2012), so as to serve as cushion for the economy in case of any global economic recess………………………………………..Full Article: Source


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