NairaMan Forum

Welcome, Guest: Join NairaMan / Login / Trending / Recent / New
Stats: 2,335 members, 6,123 topics. Date:   November 14, 2018, 10:24 pm | 0809 633 9911

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

NairaMan Forum / Politics / Nigeria’s foreign reserves hit five months high at $25bn (1 Post | 279 Views)

(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)

PDP CRISIS: ‘Name governors backing you’ – Makarfi tells Sheriff / Chinese Loan to Nigeria: The Bad Side / Suspected Cultists, Kidnappers Arrested By Security Operatives In Imo (Pics) / Breaking: DSS officers attack Supreme Court judges over alleged unfair judgments / We’ve won Rivers East, West senatorial districts – Wike / Gov Fayose appoints SSG, PA Stomach Infrastructure and 8 others /

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.