Foreign reserves add $1bn in less than a month

Nigeria’s foreign exchange reserves have added $1 billion from the $46.2 billion recorded in March, according to figures made available by the Central Bank of Nigeria (CBN).

Speaking at the opening ceremony of the 25th seminar for business editors and financial correspondents in Uyo on Monday, Edward Adamu, newly appointed deputy governor, corporate services, said the apex bank hopes to meet the $50 billion target before the end of the year.

Adamu represented Godwin Emefiele, CBN governor, at the event.

In March, Isaac Okorafor, acting director, CBN corporate communications, partly attributed the growth to the bank’s decision to restrict foreign exchange for the importation of 41 items.

Other factors which, according to him, contributed to the growth are inflow from oil and non-oil exports, and huge inflows through the investors and exporters window of the foreign exchange market.

“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,” he said.