Nigeria’s external reserves peak at over $44bn

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Published on 29.03.2019 at 20h21 by APA News

Nigeria’s foreign exchange reserves have increased to a six-month high of $44.14 billion, according to the data provided by the Central Bank of Nigeria on Thursday.The external reserves have gained over $1.8bn since February 28, when it dropped to this year’s low of $42.296 billion.

The reserves, which rose slightly from $43.116bn on December 31, 2018, to $43.174 billion on January 31, 2019, fell to $42.296 billion at the end of last month.

The external reserves had risen to a high of $47.865 billion on May 10, 2018, but plunged to $41.523 billion on November 22 from $44.305 billion on September 28.

The report by Nigeria’s Punch newspaper on Friday quoted analysts at Cordros Capital as saying that for the third consecutive week, the CBN recorded another forex reserve build-up.

 “Specifically, the apex bank recorded foreign reserve accretion of $456.67 million week-on-week to $43.51 billion. Meanwhile, in the face of the CBN’s pause on its weekly forex intervention, naira depreciated marginally by 0.07 percent to $360.43 at the Investors’ and Exporters’ window and by 0.28 percent to N360 and in the parallel segment.

“Elsewhere, total turnover at the I&E window moderated by 26.54 percent to $1.20 billion with 58.18 percent of trades executed within the N360-369/USD band. Similar to the spot market, the naira depreciated across all contracts at the forwards market -one-month (-0.12 percent to N362.78), three-month (-0.21 percent to N369.78), six-month (-0.06 percent to N381.53), and one-year (-0.41 percent to N403.32),” they said.

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