Tuesday, 3 April 2018

CBN: Nigeria's foreign reserves gain 8.8% to $46.2 billion in March.

The Monetary Policy Committee meeting will kick off tomorrow, April 3, 2018.

Nigeria's foreign exchange reserves gained 8.8% as of March 28, 2018, to $46.2 billion compared to same period in February 2018, according to data from the Central Bank of Nigeria.

The reserve is still far from the peak of $64 billion recorded in August 2008.

Debt sales such as Eurobond offering by federal government helped Nigeria to accrue billions of dollars in foreign reserves, Reuters reports.

The government raised $2.5 billion in Eurobonds in February and it is hoping to raise more.

Meanwhile, the Apex bank will hold its statutory Monetary Policy Committee meeting, Tuesday, April 3 and Wednesday April 4, 2018, the first meeting of such since January 2018.

The delay was as a result of an impasse between the legislative and executive arm of government which resulted in late confirmation of members of the monetary authority to form a quorum.

By Aderemi Ojekunle.

Full story at Pulse NG.

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