Foreign reserves hit $42.76bn

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CBN

The Central Bank of Nigeria (CBN) has disclosed that the nation’s foreign reserves have increased to $42.76 billion, a four-year high on March 2, 2018.

The foreign reserves opened March 2018 at $42.6 billion.

The foreign reserves have in 2018 has gained estimated $3.99 billion or 10.3 per cent from $38.77 billion it commenced this year.

The data by CBN showed that foreign reserves in February 2018 gained 4.44 per cent or $1.8 billion, from $40.69 billion on to $42.49 billion.

Furthermore, the foreign reserves moved from $38.77 billion in December 2017 to $40.69 billion in January 2018.

The foreign exchange buffer of the CBN has continued to increase recently over steady increase in global oil prices and federal government Eurobond borrowing, among others.

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