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.