Invest Data Consulting Ltd

Latest data available on the website of the Central Bank of Nigeria (CBN) shows that the nation’s external reserves closed at $42.354bn on February 27, 2018, representing a $3.587bn or 9.25% growth from its $38.766bn at the end of December 2017. Between January and February 27, according to the data, the reserves increased by $1.728bn or 4.25% from $40.625bn on January 30, 2018. On a Year-on-Year basis, Nigeria’s reserves level has grown by $12.748bn or 43.06% from $29.605bn on February 27, 2017. The rise is despite the weekly intervention by the CBN in the Investors & Exporters window of the inter-bank market’s foreign exchange segment which a total of $15.9bn was injected by the apex bank over a nine-month period as part of efforts to ensure stability. Speaking at a Forum organised by the Finance Correspondents Association of Nigeria (FICAN) on the theme: ‘Nigeria’s Economy and Financial Market Outlook: 2017 Review and 2018 Outlook’ in January, Ayodeji Ebo, Managing D...