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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Nigeria: Expert advocates U.S. $100 bln foreign reserves to tackle financial crisis

Posted on 13 February 2009

From Allafrica.com: An expert in the global and financial landscape has advocated the need for the Federal Government to shore up the country’s foreign reserve to more than US$100 billion (N14.4 trillion) if it hopes to effectively curtail the impact of the global financial crisis on the country’s currency and on the economy in general.

Speaking during the second annual conference on treasury, risk and cash management in West Africa in Lagos on Tuesday, Mr. David Cowan, African Economist, Citibank International disclosed that the decline in the naira since November 2008, has brought about a loss of confidence in the country’s currency, resulting to an increased demand for foreign currencies as a store of value….. Full Article: Source


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