Loading...

Author Topic: Nigeria’s foreign reserves hit five months high at $25bn  (Read 38 times)

0 Members and 1 Guest are viewing this topic.

Offline Ereporter

  • Hero Member
  • *****
  • Posts: 796
    • View Profile
Nigeria’s foreign reserves hit five months high at $25bn
« on: December 19, 2016, 02:29:52 PM »


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.

Source: http://nignews.com.ng/nigerias-foreign-reserves-hit-five-months-high-at-25bn/



 

"Nigeria Needs PDP Now More Than Ever" - You Will Be Shocked By Who Said This

Started by jchima14

Replies: 0
Views: 84
Last post February 11, 2016, 12:17:59 PM
by jchima14
"These 2 Igbo men will save Nigeria"

Started by Ereporter

Replies: 0
Views: 48
Last post October 05, 2016, 04:37:55 PM
by Ereporter
NIGERIA BREAKING NEWS:Top 8 Must Read! news this Friday

Started by Ereporter

Replies: 0
Views: 69
Last post October 15, 2016, 01:44:21 PM
by Ereporter
Buhari, Osinbajo sworn in as New Nigeria President, Vice President

Started by mastercode

Replies: 0
Views: 219
Last post May 29, 2015, 12:05:19 PM
by mastercode
Fayose slams Obasanjo , says Obasanjo is the father of corruption in Nigeria

Started by internet police

Replies: 0
Views: 218
Last post March 17, 2017, 03:07:47 AM
by internet police
Nigeria Election violence claims 58 lives in 60 days before the election? NHRC

Started by mastercode

Replies: 0
Views: 210
Last post February 14, 2015, 10:44:18 AM
by mastercode
French President invite Newly elected Nigeria President Buhari to Paris

Started by mastercode

Replies: 0
Views: 640
Last post April 03, 2015, 12:21:18 AM
by mastercode
Nigeria INEC BOSS professor Atahiru Jega to quit INEC job in June

Started by internet police

Replies: 0
Views: 451
Last post April 04, 2015, 12:31:04 PM
by internet police
Economic Recession: Obasanjo names solution to current Nigeria’s economic crisis

Started by Ereporter

Replies: 0
Views: 82
Last post October 05, 2016, 04:55:56 PM
by Ereporter
Powerful state governors drained Nigeria's boom time oil savings - Okonjo-Iweala

Started by jchima14

Replies: 0
Views: 147
Last post November 28, 2014, 08:23:31 AM
by jchima14