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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Nigeria’s foreign reserves rise to $38.2bln

Posted on 19 August 2010

From Tribune.com.ng: The nation’s foreign exchange reserves rose around three per cent to $38.2 billion by mid-August from $37.1 billion at the end of last month. Finance Minister, Olusegun Aganga had said that he wanted a sovereign wealth fund to replace the excess crude account, which has no clear constitutional basis.
Forex reserves stood at $43.3 billion a year earlier, but have fallen sharply since then due to demand pressure from importers and a reduction in accruals from oil export revenues……………………………………….Full Article: Source


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