Nigeria’s External Reserves Hit $46bn on March 9, 2018

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  • March 12, 2018

Nigeria’s External Reserves are steadily heading towards the $50 billion mark, berthing at $46 billion as at the close of business on Friday, March 9, 2018.

Figures obtained from the Central Bank of Nigeria at the weekend indicate that the reserves grew by about $3.2 billion between February and March 2018.

The reserves at the beginning of 2018 stood at $39.3 billion, then rose to $42.8 in February before hitting the new high of $46 billion.

Confirming the figures, the CBN Acting Director, Corporate Communications Department, Isaac Okorafor attributed the continued accretion to the country’s reserves to the Bank’s effort at vigorously discouraging unnecessary importation and reducing the nation’s import Bill; inflow from oil and non-oil exports, as well as the huge inflows through the investors and exporters window of the foreign exchange market, which had attracted over $33 billion since April 2017.

About Rakiya Karaye