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    Friday, March 1, 2013

    Nigeria’s Forex Reserve Hits $47.02 billion

    Nigeria’s foreign exchange reserves rose to its highest in four years and grew by 3.8 per cent month on month to $47.02 billion as at February 21.
    The latest data from the Central Bank of Nigeria (CBN) revealed that the country’s forex reserves were $45.26 billion a month earlier while they rose by 34 .99% from a year ago when $34.83 billion were recorded.

    Currency dealers say the apex bank has been spending less of the reserve to fund its twice-weekly foreign exchange auction as a result of increased dollar flows from offshore investors buying debt.
    The inclusion of Nigerian bond in the JP Morgan emerging market index last year attracted flurry of offshore investors, boosting dollar flows and contributing to the growth in reserves.
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