As anticipated by the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele at the Annual Bankers’ Dinner of the Chartered Institute of Bankers (CIBN) in Lagos last November, the country’s External Reserves have hit another level of $40.4 Billion as the Bank infused an aggregate of $210 million into the interbank Foreign Exchange Market in the first round of trades for the year on Monday, January 8, 2018.
CBN on Monday, January 8, 2018 said that the External Reserves came to the $40.4 Billion check on Friday, January 5, 2018, demonstrating an expansion of around one billion United States dollars between December 2017 and January 2018.
Affirming the figure, the Acting Director responsible for Corporate Communications at the CBN, Isaac Okorafor credited the gradual addition to the nation’s reserves to the Bank’s system to successfully oversee forex request by different divisions of the economy.
Okorafor said the strategy had halted the draining of the nation’s outside reserves, which heretofore saw substantial consumption because of enormous import bills and other obligation commitments. As per him, the CBN arrangement had guaranteed a decrease in Nigeria’s import bills from over $5 billion month to month in 2015 to about $1.5 billion out of 2017.
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