{"id":41,"date":"2018-03-12T13:00:00","date_gmt":"2018-03-12T13:00:00","guid":{"rendered":"http:\/\/blog.quriusolutions.com\/?p=41"},"modified":"2018-03-25T12:10:19","modified_gmt":"2018-03-25T12:10:19","slug":"external-reserves-hit-46bn-says-cbn","status":"publish","type":"post","link":"https:\/\/blog.quriusolutions.com\/?p=41","title":{"rendered":"External reserves hit $46bn, says CBN"},"content":{"rendered":"<p>The nation\u2019s external reserves hit $46bn on Friday, the Central Bank of Nigeria disclosed in a statement on Friday.<\/p>\n<div style=\"line-height: 150%;\">The CBN said the latest figures obtained on Friday indicated that the reserves grew by about $3.2bn between February and March this year.<\/div>\n<div style=\"line-height: 150%;\">The reserves at the beginning of 2018 stood at $39.3bn, then rose to $42.8 in February before hitting the new high of $46bn.<\/div>\n<div style=\"line-height: 150%;\">Confirming the figures, the CBN Acting Director, Corporate Communications Department, Isaac Okorafor, attributed the continued accretion to the country\u2019s reserves to the bank\u2019s effort at vigorously discouraging unnecessary importation and reducing the nation\u2019s import bill; inflow from oil and non-oil exports, as well as the huge inflows through the investors and exporters window of the foreign exchange market, which he said had attracted over $33bn since April 2017, when it was created.<\/div>\n<div style=\"line-height: 150%;\">At the close of commodities trading on Friday, March 9, 2018, Brent Crude, sold at $65.49 a barrel up by 2.54 per cent.<\/div>\n<div style=\"line-height: 150%;\">According to him, the bank\u2019s interventions in the foreign exchange window have also helped to moderate the pressure on the forex reserves by sustaining liquidity in the market and boosting production and trade.<\/div>\n<div style=\"line-height: 150%;\">Okorafor also noted that the CBN policy restricting access to forex from Nigeria\u2019s foreign exchange market to importers of some 41 items had made a huge impact on the status of Nigeria\u2019s reserves and boosted the supply of local substitutes for imported goods, created jobs at home and enhanced the incomes of farmers and local manufacturers.<\/div>\n<div style=\"line-height: 150%;\">The external reserves had hit $43.2bn on March 6, data on The CBN website showed.<\/div>\n<div style=\"line-height: 150%;\">The foreign exchange reserves had recorded a four-year high at $42.76bn on March 2, after commencing this year at $38.77bn.<\/div>\n<div style=\"line-height: 150%;\">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.<\/div>\n<p>&nbsp; <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The nation\u2019s external reserves hit $46bn on Friday, the Central Bank of Nigeria disclosed in a statement on Friday. The CBN said the latest figures obtained on Friday indicated that &hellip; <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[95],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.quriusolutions.com\/index.php?rest_route=\/wp\/v2\/posts\/41"}],"collection":[{"href":"https:\/\/blog.quriusolutions.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.quriusolutions.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.quriusolutions.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.quriusolutions.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41"}],"version-history":[{"count":2,"href":"https:\/\/blog.quriusolutions.com\/index.php?rest_route=\/wp\/v2\/posts\/41\/revisions"}],"predecessor-version":[{"id":201,"href":"https:\/\/blog.quriusolutions.com\/index.php?rest_route=\/wp\/v2\/posts\/41\/revisions\/201"}],"wp:attachment":[{"href":"https:\/\/blog.quriusolutions.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.quriusolutions.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.quriusolutions.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}