The Central Bank of Nigeria (CBN) has disclosed that the foreign reserves grew by $6.7 billion between January and the beginning of March.
Mr. Isaac Okorafor, acting director, corporate communications department, said the foreign reserves stood at $39.3 billion at the beginning of the year.
“The reserves at the beginning of 2018 stood at $39.3 billion, then rose to $42.8 in February before hitting the new high of $46 billion,” the statement read.
He stated that the continued growth of the reserves was as a result of the bank’s effort to discourage unnecessary importation; inflow from oil and non-oil exports, as well as the huge inflows through the investors and exporters window of the foreign exchange market, which he said had attracted over $33 billion since April 2017, when it was created.
He added that:“The bank’s interventions in the foreign exchange window had also helped to moderate the pressure on the forex reserves by sustaining liquidity in the market and boosting production and trade.’’