Nigeria’s Foreign Reserve Records Highest Opening in 6 Years

The Nigerian foreign reserve has recorded the highest opening in six years, according to the latest figures from the Central Bank of Nigeria (CBN).

The country’s reserves opened at $43,075,740,908 on Tuesday to break a six-year record that stretches to 2013 when the reserves above $45 billion.

For 2014, 2015, 2016, 2017, and 2018, the reserves stood at $40.6 billion, $34.2 billion, $28.2 billion, 27.9 billion, $38.9 billion and $43.1 billion respectively.

The reserves, which currently stands at $43,057,191,024, was at $43,116,863,593 on December 31, 2018.

Despite shedding $18.55 million between the last trading day of 2018 and the first trading day of 2019, the forex reserve still stands at the highest January figure in six years, TheCable reports.

The CBN has continued to maintain stability in the foreign exchange market while showing strength on the buffer building side at the same time.

 

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