Foreign exchange reserves in Nigeria increased from $47,492,639,432 at the end of April 2018 to stand at $47,622,706,934 on May 30, 2018. It has been increasing gradually since crude oil price began rising in the second quarter of 2017.
Nigeria’s external reserves averaged $11.067 billion from 1960 until 2018, reaching an all-time high of $62.081 billion in September 2008 and an all-time low of $63.22 million in June 1968. However, the Central Bank of Nigeria (CBN) targets a reserve base of $50 billion before the end of 2018.
Do you think CBN can meet the $50b target this year?