Nigeria’s external reserves now $46bn
*Nigeria’s external reserves now $46bn*
The Central Bank of Nigeria says Nigeria’s External Reserves is steadily growing and currently stands at $46bn. CBN Spokesman, Isaac Okoroafor, said in a statement on Sunday that the reserves grew by about $3.2bn between February and March 2018. He said the reserves at the beginning of 2018 stood at $39.3bn, then rose to $42.8bn in February before hitting the new high of 46 billion dollars.
Okoroafor attributed the continued accruals to the country’s reserves to CBN’s effort at vigorously discouraging unnecessary importation and reducing the nation’s import bill, inflow from oil and non-oil exports. He also attributed the increase to the huge inflows through the investors and exporters window of the foreign exchange market, which he said had attracted over 33 billion dollars since April 2017, when it was created.
Okoroafor also said that the CBN policy restricting access to foreign exchange from Nigeria’s foreign exchange market to importers of some 41 items had made a huge impact on the status of Nigeria’s reserves.
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