Nigeria’s External Reserves Hit $43.2bn

Nigeria’s external reserve has risen to $43.2 billion from the $42.76 billion recorded earlier in the month, the Central Bank of Nigeria says.

According to the data, the reserves reached a four-year high at $42.76bn on March 2, after gaining about $3.99bn in 2018.

Experts had attributed the rise to steady increase in global oil prices and federal government Eurobond borrowing, among others.

The rise could also be attributable to improved foreign exchange inflow occasioned by increase in global oil price and dollar inflow from foreign portfolio investors.

Mr Godwin Emefiele, governor of the CBN, had predicted that the reserves could hit $60bn in 2019, if maintains this trend.

According to Emefiele, increases in the price and shipment of crude oil, and improved investor confidence meant the CBN could build its reserves to $60bn over the next 12 to 18 months.

“Things are looking up. No one ever thought the price of crude would hit $70 in such a short period of time,” he said during an interview with Bloomberg.