For several months, the government was probably dreading the unveiling of the current indicators of the Nigerian economy as the country’s economy sunk into its first recession in over 25 years and the forex crunch bit hard- even on the government coffers. However, the case seems to have changed with a series of encouraging statistics being rolled out.
- Despite concerns over the viability of the intervention of the Central Bank of Nigeria (CBN) in the forex market, data from the bank shows that the country’s foreign exchange reserves rose to $33.11 billion, the highest it has been in almost three years.
- Nigeria’s forex buffer also stood at $25.73 billion, which although is still far off a peak of $64 billion hit in August 2008, is a decent 28.68% improvement from a year ago.
- Inflation has also dropped for the 8th consecutive month, easing to 15.98%, according to data from the National Bureau of Statistics (NBS), although food inflation roses again.