Nigeria’s Foreign Reserve To Hit $80 billion In 4Years – IMF

Channels Television  
Updated May 10, 2013

The International Monetary Fund (IMF) says it foresees the Central Bank of Nigeria (CBN) building the nation’s reserves to a high of at least $80 billion in the next four years.

IMF senior resident representative; Scott Rogers, says the forecast is based on the fact that federal government remains committed to its stated intentions in the medium term expenditure framework as well as IMF’s assumption of single digit inflation going forward.

The nation’s foreign reserve currently stands at $45.68 billion, a two-year high,

The IMF also expects to see foreign exchange inflows to Nigeria rise to about $2 billion in the next two years buoyed by growth in the oil sector.

The fund however says the  forecasts is only possible if potential threats from insufficient export diversification and a possible weaker portfolio inflows as inflation ebbs and interest rates fall  are subdued.