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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