NairaMan Forum

Welcome, Guest: Join NairaMan / Login / Trending / Recent / New
Stats: 2,261 members, 5,766 topics. Date:   May 26, 2018, 4:57 pm | 0809 633 9911

Nigeria’s foreign reserves hit five months high at $25bn - Politics - NairaMan

NairaMan Forum / Politics / Nigeria’s foreign reserves hit five months high at $25bn (1 Post | 213 Views)

Nigeria’s foreign reserves hit five months high at $25bn / Ondo Election: Police deploy 22 armoured vehicles, 20 gunboats, 2 helicopters / Shocking! Two lesbian reverend sisters get married, Pope reacts /

(1) (Reply) (Go Down)

Nigeria’s foreign reserves hit five months high at $25bn by okpismart1(: 2:30 pm On Dec 19, 2016

For the first time in five months, Nigeria’s foreign exchange reserves have returned to the $25 billion it was before plunging to an 11-year-low of $24.76 billion earlier in 2016.

As at yesterday, December 16, 2016, the reserves, which shows the state of the country’s finances in other currencies, rose to $25,043,149,161, according to data from the Central Bank of Nigeria, CBN.
Since the introduction of the new foreign exchange regime, the CBN has said the inflow of foreign exchange into the Nigerian economy, had been on the rise, with hopes of beating demand.

But as the foreign reserve increases, the naira has however remained “immune” to the rise in foreign exchange, with the naira sliding to 487 against the dollar at the parallel market on Friday.

The British pound and euro, went for N605 and N510 respectively. The official side of the market traded a dollar for N315 on Friday.


(1) (Reply)

PHOTOS: Priest marks Independence Day at rubbish dump / Ondo election: Jegede heads to appeal court to upturn INEC decision / Gunmen kidnap wife of APC chieftain /

Viewing this topic: 1 guest viewing this topic

(Go Up)

NairaMan - Copyright © 2012 - 2018 John Onam. All rights reserved. See NairaMan and NairaBlog
Disclaimer: Every NairaMan member is solely responsible for anything that he/she posts or uploads on NairaMan.