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Tuesday, January 9, 2018

Nigeria’s External Reserves rises to $40.4 billion


The Central bank of Nigeria (CBN) has said that Nigeria's external reserves now stands at $40.4 Billion, indicating an increase of about one billion USD between December 2017 and January 2018. 

This is even as the Bank injected a total of $210 million into the interbank Foreign Exchange Market in the first round of trading for the year on Monday, January 8, 2018. Confirming the figure, Mr Isaac Okorafor, Acting Director in charge of Corporate Communications at the CBN, attributed the accretion to the country’s reserves to the Bank’s strategy to effectively manage forex demand by various sectors of the economy.

Citing the CBN policy restricting access to forex from the Nigerian forex market by importers of some 41 items as the major turning point, Okorafor said the policy had helped to stop the hemorrhaging of the country’s external reserves, which hitherto witnessed heavy depletion due to huge import bills and other debt obligations.

According to him, the CBN policy had ensured a decline in Nigeria’s import bills from over $5 billion monthly in 2015 to about $1.5 billion in 2017. He expressed optimism that with the determination of the Bank and the cooperation of the fiscal authorities, the external reserves will continue to enjoy more accretion in the course of 2018.

Click here to read our earlier reports on 'Crude Oil price rises to an all-time High'.

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