Nigeria’s foreign exchange, forex, reserves maintained a 13-month weekly gaining streak, soaring by $455 million in one week despite interventions in the market, shoring it up to $34.82 billion.
This is coming just as the country expects the inflow of proceeds of the $3 billion Eurobond that was oversubscribed by about $11 billion and split across 10-year and 30-year tranches at issuance yield of 6.5 per cent and 7.625 per cent, respectively.
The development raises optimism that Nigeria will honor its international obligations, experts said.
It also renews confidence that the 2018 forex reserves target of the Central Bank of Nigeria, CBN, put at $40 billion is achievable, as the apex bank steps up its management of forex earnings, DailyTrust repor.
