Nigeria’s foreign reserves rise to $40.4bn

Daily Nigerian

Nigeria’s foreign reserves continued to pile up in January, rising for the third month in a row.

Nigeria’s foreign reserves reached $40.4 billion, an increase of $1 billion from December according to the central bank on Monday.

Successful debt sales, including multiple Eurobond offerings last year, have helped the government accrue billions of dollars in foreign reserves.

The central bank also said it had injected $210 million into the interbank foreign exchange market on Monday, extending efforts to increase liquidity and alleviate dollar shortages.

The apex bank under Governor Godwin Emefiele has a stronger grip on the Naira exchange rate, thanks to the adoption of strategy to effectively manage forex demand by various sectors of the economy.

The policies ensure decline in Nigeria’s import bills from over $5 billion monthly in 2015 to about $1.5 billion in 2017.