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BUSINESS & ECONOMYCOVERNEWSLETTER

Nigeria’s Foreign Exchange Soars to $40.4billion

Dollar

 

Nigeria’s external reserves hit $40.4 Billion mark on Friday, January 5, showing a surge of about one billion United States dollars between December 2017 and January 2018, the Central Bank of Nigeria, CBN, revealed on Monday, January 8.

This is coming as the apex bank pumped a total of $210million into the interbank Foreign Exchange Market in the first round of trading for the year on Monday, January 8, 2018.

As projected by the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele at the Annual Bankers’ Dinner of the Chartered Institute of Bankers (CIBN) in Lagos last November, the nation’s External Reserves have hit a new level of $40.4 Billion.

Confirming the figure, Mr Isaac Okorafor, Acting Director in charge of Corporate Communications at the CBN, attributed the accretion to the country’s reserves to the Bank’s strategy to effectively manage forex demand by various sectors of the economy.

Citing the CBN policy restricting access to forex from the Nigerian forex market by importers of some 41 items as the major turning point, Okorafor said the policy had helped to stop the hemorrhaging of the country’s external reserves, which hitherto witnessed heavy depletion due to huge import bills and other debt obligations.

According to him, the CBN policy had ensured a decline in Nigeria’s import bills from over $5 billion monthly in 2015 to about $1.5 billion in 2017.

He expressed optimism that with the determination of the Bank and the cooperation of the fiscal authorities, the external reserves will continue to enjoy more accretion in the course of 2018.

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