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Nigeria records N4.8b reserves

by Business News Report

Nigeria’s Foreign Reserves amounted to N4.8222 billion at the end of August 1986, Central Bank of Nigeria, CBN sources have said.
According to the sources the nation’s reserve in terms of gold was N19,009,430 while the convertible currencies in terms of foreign government securities and balances with foreign banks stood at N4.551 billion.
The national IMF Gold Tranche has a credit balance of N3,830.00 and the special drawing rights (SDR) was N1,390,827. These gave a grand total of N4,.8722 billion.
It was further learnt that federal government securities has a record of N15.3983 billion with other securities having a record of N399,533,972. Rediscounts and advances were put at N2.944 billion while other assets have a net record of N5.8272 billion.
On the whole the total internal and external assets of the country as at August 31, 1986 was valued at N29.4416 billion naira.

On liabilities the subscribed and paid up capital was N3,000,000 while the general reserve in local currency was N232,000,000. According to the figure currency in circulation the period under review was N5.538 billion.
The federal and state governments deposit had on account of N2.802 billion while bankers deposit had a record of N4.237 billion.
Other deposits had an account N6.6556 billion while other liabilities with the CBN had a N9.972 billion on account. This equally gave the liabilities side of the account a total of N29.444 billion to make for the accounting balance of assets when matched with liabilities.

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