Political

NIGERIA’S EXTERNAL RESERVES HIT RECORD 46 BILLION USD, SAYS CENTRAL BANK

ABUJA-- The external reserves of Nigeria has increased to reach a record high of 46 billion US dollars, the Central Bank of Nigeria (CBN) said here Sunday.

Its acting Director for Corporate Communication, Isaac Okoroafor, said the reserves grew by about 3.2 billion USD between February and March 2018. Reserves at the beginning of 2018 stood at 39.3 billion USD, rose to 42.8 billion USD in February before hitting the new high of 46 billion USD.

Okoroafor attributed the continued accretion of external reserves to the Bank's effort to vigorously discourage unnecessary importation and reducing the nation's import bill, as well as inflows from oil and non-oil exports.

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 more than 33 billion USD since April 2017, when it was created.

According to him, the Bank's interventions in the foreign exchange window has also helped to moderate the pressure on the foreign exchange reserves by sustaining liquidity in the market and boosting production and trade.

Okoroafor said the CBN policy restricting access to foreign exchange from Nigeria's foreign exchange market to importers of some 41 items had had a huge impact on the level of Nigeria's foreign exchange reserves.

The policy had also boosted the supply of local substitutes for imported goods, created jobs in the country and enhanced the incomes of farmers and local manufacturers.

Meanwhile, the Bank again cautioned Nigerians to be wary of investments in crypto currency as they are virtual currencies which are not legal tender in Nigeria.

Source: NAM NEWS NETWORK