The federal government says Nigeria has enough foreign exchange reserves to withstand an economic global recession this year.
January 18, 2023 3:01 PM
Citing the projections of multilateral organisations such as the World Bank and the International Monetary Fund, the minister said there was a strong possibility that the world economy is headed for a recession. Ahmed said in 2008 when there was a global recession, Nigeria’s FX reserves were in excess of $60 billion and the country was able to withstand the impact of that recession.Asked if the country would be able to withstand another recession this year, she said the country’s FX reserves stood at $34 billion.“It is true we had higher reserves during the first global recession. Our reserves are now at $34 billion. So, that is still a healthy level.
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