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[ MAIN ]BUSINESS & ECONOMYNEWS

Nigerian Foreign Reserves Soar to $30 Billion

The country’s foreign reserves jumped by $1.108 billion in the first 15 months of July, 2015, closing at $30.109 billion from $29.000 billion on June 30, 2015.

This data was obtained from the website of the Central Bank of Nigeria (CBN), on Wednesday, July 22.

This is the first time in recent weeks that the reserves level hit $30 billion. Before the latest rise, it stood $29.595 billion at the end of May; $29.528 billion on April 30; and $29.789 billion at the end of previous month.

The CBN, had in a circular dated June 23, 2015, said the move to stop sale of foreign exchange to importers of rice, private jets, textiles, tomato paste and poultry products, among others, was part of efforts to beef up its fast depleting external reserves.

The circular, which was signed by the Director, Trade and Exchange, CBN, Olakanmi Gbadamosi, stated that implementation of the policy would also facilitate the resuscitation of domestic industries as well as generate employment.

Also, analysts have linked the latest rise to the recent decision by the apex bank banning importers of 41 goods from accessing foreign exchange from official inter-bank market.

 

 

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  1. RT @BizWatchNigeria: Nigerian Foreign Reserves Soar to $30 Billion – http://t.co/ZTvePT0C9K http://t.co/WkOWzecvE8

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