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Nigeria’s Foreign Exchange reserves up 0.6% since new CBN Forex Directive

HomeNewsNigeria’s Foreign Exchange reserves up 0.6% since new CBN Forex Directive
  • dollar to naira
02
Mar
Nigeria’s Foreign Exchange reserves up 0.6% since new CBN Forex Directive
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LAGOS Mar 2 (FxMallam) – Nigeria’s foreign exchange reserves climbed to $29.65 Billion as of Feb. 28, their highest level in 19 months, data showed on Thursday showed as the central bank continues to rebuild currency buffers beleaguered by low oil prices.

According to data from the Central Bank of Nigeria (CBN), the nations foreign reserves stood at $29.28 billion as at February 20th when CBN issued it latest foreign exchange policy memo allowing individuals access to foreign exchange for travel, school fees and other personal needs.

Nigeria’s reserves are up 14.7 percent from this year and are close to hitting a largely psychological yet noticeable balance of $30 Billion, a level not seen since November 2015.

However, the reserves are are still far off their peak of $64 billion hit in August 2008.

The rise also coincides with a recent rise in the price of crude, which account for most of Nigeria’s foreign currency earnings.

Traders expect the recent gain at the parallel market to be sustainable only if CBN’s plans to defend the naira can also occur simultaneously with continual and sustainable rise in the nation’s foreign currency coffers.


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