EXCLUSIVE: Nigeria’s Foreign Reserve Hits $42bn

Nigeria’s external reserve has risen further to $42 billion from the previous amount of $40.4 billion in January, 2018, The WHISTLER can exclusively report.

A top official of the Central Bank of Nigeria (CBN), who spoke to this medium on the condition anonymity, said the further rise was due to a steady climb in the price of crude oil in the international market.

“More than $1.5 billion has been added to Nigeria’s external reserves just between January 5 to date. The Federal Government can expect to continue to witness this rise throughout 2018,” the source told our reporter.

Recall that Nigeria’s Brent Crude has steadily sold at $67.80 a barrel in recent times.

The source held that the improved crude oil price at the international market had helped in pushing the nation’s foreign reserves to its new height.

Meanwhile, the Governor of the CBN, Godwin Emefiele, had said last month that the Bank’s restriction of Forex from importers of over 41 items had greatly impacted positively on the country’s external reserves.

“The 41 items FOREX policy has helped to stop the hemorrhaging of the country’s external reserves, which hitherto witnessed heavy depletion due to huge import bills and other debt obligations,’ CBN’s spokesperson, Mr. Isaac Okorafor, had quoted the governor as saying.