Business

Nigeria’s FX reserves up 9 pct in past month -central bank data

Isaac UmunnaComment(0)

Nigeria’s foreign exchange reserves stood at $46.2 billion as of March 28, up 8.8 percent from a month earlier, central bank data showed on Saturday.
Successful debt sales, including a eurobond offering last month, have helped the government accrue billions of dollars in foreign reserves, although they remain far from the peak of $64 billion in August 2008.The government raised $2.5 billion in Eurobonds in February and expects more to follow. Nigeria’s foreign exchange buffer has climbed 53 percent since March 2017 when it stood at $30.30 billion. Reuters

Isaac Umunna

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