Nigeria’s Forex Reserves Hit $29 billion; Highest Since Dec 2015

Data from the CBN’s website shows Nigeria’s foreign exchange reserves is now $29 billion,  the highest it has been since December 2015.

The CBN has been building reserves since late last year even as the exchange rate has plummeted to an all time high of N515/$1 in the black market.

The CBN Governor was queried by the National Economic Council on Thursday on the widening disparity between the interbank and parallel exchange rate, requesting that a new policy direction be crafted. The CBN Governor requested for more patience.

Analysts from Renaissance Capital believe the build up of reserves is ahead of a potential change in the CBN’s forex policy that may warrant a ditch of the 41 banned items for increase in tariffs.

1 COMMENT

  1. onome ohwooriole, a man with clear mind,if Nigeria have 10 million Nigerian like onome,nigeria will be on another level,very positive and a man with strategic aim,that do not wobbles.in future he will join politics,my advise to you to resist joing politics soon,with time your spirit will train you and will give the the knowledge to do your job for your country.GOD BLESS NIGERIA

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