Nigeria’s foreign reserve edge up to $30bn

Nigeria’s foreign reserve edge up to $30bn

Nigeria’s foreign exchange reserves rose above $30 billion as of March 8 to its highest level since October 2015, central bank data showed on Friday.

Nigeria’s dollar reserves have increased by 15.02 percent since the start of the year, data showed, but were far off their peak of $64 billion hit in August 2008.

The level of reserve was $26.09billion at the beginning of January, meaning that the Central Bank had built it up with additional $4billion.

As at 9 March, Nigeria had $30.038 billion in reserve, compared to $29.668b at the beginning of the month.

At the beginning of February, CBN figures showed the level of reserve at $28,227,251,639.

The CBN has not officially explained the new figures, but increase in the flow of oil income may have added to the nation’s reserve liquidity.