Nigeria’s External Reserves Hit $46bn
The Central Bank of Nigeria (CBN) says Nigeria’s external reserves is steadily growing and currently stands at $46 billion.
CBN Spokesman, Isaac Okoroafor, said in a statement on Sunday that the reserves grew by about $3.2 billion between February and March 2018.
He said that the reserves at the beginning of 2018 stood at $39.3 billion, then rose to $42.8 in February before hitting the new high of $46 billion.
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 since April 2017, when it was created.
Okoroafor also said that the CBN policy restricting access to foreign exchange from Nigeria’s foreign exchange market to importers of some 41 items had made a huge impact on the status of Nigeria’s reserves.
Aside from that, he said that the policy had also boosted the supply of local substitutes for imported goods, created jobs at home and enhanced the incomes of farmers and local manufacturers.
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