Nigeria foreign reserves reach $31.22 billion, first time in 2 years

Central bank of Nigeria building

Nigeria’s foreign exchange reserves rose to $31.22 billion, data from the Central Bank of Nigeria, CBN, have shown.

According to the data obtained from the apex bank Wednesday, the increase represents the first in about 2 years.

The nation’s reserves have been affected by the ripple effects of the economic challenges being faced by Africa’s largest economy, including low oil prices, crumbling naira value and high foreign exchange demands.

The last time the reserves peaked at such level was July 2015, shortly after President Muhammadu Buhari took office, Reuters reports.

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 $3.61 billion 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.


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD:DIABETES Is CURABLE! Don't Let It Threaten You! To NORMALIZE Your Blood Sugar In 21Days For Life, Click Here!!!.

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.

  • Arc_Deji_Alabi

    Good news, let’s give kudos to the government when we see positive progression but critic the wrong policies. Hod bless Nigeria

  • Isaac Audu-Usman

    Are there editors at Premium Times? A very poorly-written piece with errors all over…