Nigeria's Dollar Reserve Hits $33.1 Billion
Data from the Central Bank of Nigeria shows that Nigeria’s foreign exchange reserves rose to the highest in almost three years as of October 12, 2017 hitting $33.11 billion.
The report publish on Tuesday put the country’s dollar reserves back at a level not seen since December 2014.
The apex bank did not provide a reason for the increase in reserves.
Nigeria’s forex buffer stood at $25.73 billion, up 28.68% from a year ago, but is still far off a peak of $64 billion hit in August 2008.
Meanwhile, on Monday, the apex bank injected 195 million dollars in the Nigerian inter-bank foreign exchange market.
Where exactly are the dollars coming from?
A statement by the CBN's Acting Director, Corporate Communications, Isaac Okorafor had indicated that the apex Bank would continue to increase liquidity to meet genuine forex demands.
Figures released show that the CBN offered a total sum of 100 million dollars to the wholesale segment.
Of that sum, the Small and Medium Enterprises (SMEs) segment received 50 million dollars.
The invisibles segment, comprising tuition fees, medical payments and Basic Travel Allowance (BTA) received 45 million dollars.
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