Nigeria’s Dollar Reserves Inches Closer To $50 Billion
God forbid anything bad like war happens that makes it impossible for the dollars to continue to come in, Nigeria now has enough stash to cover import for close to a year.
Nigeria’s dollar reserves is rising, inching closer to a 50 billion dollars mark as it has now risen to 46 billion dollars.
The Central Bank of Nigeria, CBN Spokesman, Isaac Okoroafor, said in a statement on Sunday that the reserves grew by about 3.2 billion dollars between February and March 2018.
He said that the reserves at the beginning of 2018 stood at 39.3 billion dollars, then rose to 42.8 billion dollars in February before hitting the new high of 46 billion dollars.
Okoroafor 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.
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.
According to him, the Bank’s interventions in the foreign exchange window had also helped to moderate the pressure on the foreign exchange reserves by sustaining liquidity in the market and boosting production and trade.
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