External Reserve Climbs To $43.2bn — CBN

By Ikenga Chronicles March 8, 2018

External Reserve Climbs To $43.2bn — CBN

The Central Bank of Nigeria (CBN) has announced that the country’s external reserves has climbed to $43.2bn on March 6, 2018.

The foreign exchange reserves at the beginning of the year stood at $38.77bn only to record a drastic rise to $42.76bn on March 2, amounting to a 10.3 percent rise for the first time in four years.

The rise has been attributed to the steady increase in global oil prices and the Federal Government’s Eurobond borrowing, among others.

The CBN Governor, Mr. Godwin Emefiele, had projected that the reserves might hit $60bn in 2019, if the trend persisted.

“Things are looking up. No one ever thought the price of crude would hit $70 in such a short period of time,” he said during an interview with Bloomberg.

The foreign exchange buffer added $12.9bn or nearly 50 percent in 2017 despite the CBN weekly intervention.

Meanwhile, the price of the Organisation of Petroleum Exporting Countries(OPEC) basket of 14 crudes stood at $63.25 per barrel on Wednesday.