Excitement, as Nigeria’s foreign reserves hit $33bn
The Nigeria’s Foreign Reserves has grown to $33billion compared to the $31bn it recorded in August 2017.
This latest figure was disclosed by the Central Bank of Nigeria(CBN).
The rise in the nation’s reserves, coming on the heels of the country’s recession exit as announced by the National Bureau of Statistics (NBS), would not only excite the Federal Government in its desire to rake in more revenue to fiance its ever-expanding expenditure, but also Nigerians in general.
According to the Acting Director, Corporate Communications Department, Central Bank of Nigeria, Isaac Okoroafor, who stated this at the 24th CBN seminar for Finance Correspondents and Business Editors in Awka, Anambra State, on Thursday, Foreign Exchange Reserves grew to $31800.00bn from $30740.00bn; and Gold Reserves was recorded at 21.37 Tonnes.
Daily Times gathered that the Foreign Exchange Reserves in Nigeria increased to $31800bn in August from $30740bn in July of 2017.
It will be recalled that the CBN disclosed that its foreign exchange reserves gained estimated $968 million when it rose to $31.8bn on August 29, 2017.
The apex bank did not provide reason (s) for the increase in dollar buffer to $31.8 billion, but Daily Times can report that it gained 3.14 per cent in August this year from opening figure of $30.8 billion.
The foreign exchange reserves opened the year at $25.8 billion, up 23.1 per cent from the previous year, still far off a peak of $64 billion hit in August 2008.
In the last eight months, the foreign exchange buffer of CBN has appreciated by estimated $5.97 billion from $25.8 billion it opened this year despite the apex bank’s unrelenting intervention in the foreign exchange market.
Experts said steady increase in global oil prices continued to impact on CBN’s foreign exchange buffer, though it dropped to $49.41 a barrel last week Wednesday, compared to $49.51 the previous day, Organization of Petroleum Exporting Countries (OPEC) daily basket price explained.
Nigeria’s foreign exchange reserves rose to $31.22 billion, data from the Central Bank of Nigeria, CBN, have shown.
The CBN data indicated appreciation in reserves in the midst of forex intervention put in place to the various exchange markets by the CBN.
The CBN is believed to have injected a cumulative sum of $3.61bn between February and April 2017.
The funds inject into the foreign exchange market is to ensure help maintain the value of the naira.
Since the injection of the funds, the naira has remained relatively stable, hovering at about N363 to dollar in the parallel market or Bureau De Change.
Simon Ugwu, Lagos
