Monday, 12 March 2018

NIGERIA’S EXTERNAL RESERVES HIT $46 BILLION – CBN

BUSINESS NEWS – Latest update as the Central Bank of Nigeria (CBN) on Sunday disclosed that the nation’s external reserves currently stands at $46 billion, saying the figures are steadily heading towards the $50 billion mark.

Figures obtained from the Central Bank of Nigeria (CBN) 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 as at the close of work on Friday, March 9.

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 he said had attracted over $33 billion since April 2017, when it was created.



The Editor.

Full story at My Nation News.

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