Tuesday, September 21, 2021

Nigeria’s reserves rebound, hit $25billion in December

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A data from the Central Bank of Nigeria, CBN, has shown that Nigeria’s reserves increased to $25,043,149,161 as at Friday, December 16.

The reserves had earlier fallen to an 11-year-low of $24.76 billion in 2016, recording its lowest point since June 2005.

“The Committee observed that total foreign exchange inflows through the CBN increased by 89.14 per cent, from US$1,092.21 million recorded in July to US$2,065.79 million in August 2016,” Godwin Emefiele, governor of the bank, had said in September.

“This increase was due mainly to receipts of foreign flows within the month. Total outflows, however, decreased by 4.57 per cent from US$2,728.12 million to US$2,603.35 during the same period.

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“In direct efforts to deepen the foreign exchange market and stabilize the financial markets generally, a number of policy instruments were deployed since the last MPC meeting, including an increase in the benchmark interest rate.

“Complementary administrative measures were also taken towards achieving this goal, among which was the directive to IMTOs to sell forex directly to Bureau de Change Operators, in order to improve liquidity in that segment of the foreign exchange market.”

Nigeria’s foreign reserves is dominated in dollars, yuan, pound, euro and a few other currencies.

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