Nigeria’s External Reserves Hit $46bn

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Nigeria’s External Reserves now stand at $46 billion as at the close of business on March 9, 2018.

Figures obtained from the Central Bank of Nigeria, CBN, 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 billion in February before hitting the new high of $46 billion.

Confirming the figures, CBN Acting Director, Corporate Communications Department, Mr  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 he said had attracted over $33 billion since April 2017, when it was created.

At the close of commodities trading on March 9, 2018, Brent Crude, sold at $65.49 a barrel up by 2.54 percent.

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