Good news: Nigeria external reserves hit $30Bn as Buhari returns
A data released by the Central Bank of Nigeria has shown that the country's foreign reserve as of March 8, 2017 has risen to it's highest since 2015.
- Nigeria foreign exchange reserve rose above $30 billion on March 8
- It is the highest the reserve has risen since 2015
A data released by the Central Bank of Nigeria (CBN) has shown that the country's foreign reserve as of March 8, 2017 has risen to it's highest since October 2015, Business Day reports.
The external reserve has risen by $4.2 billion since the beginning of the 2017, and by $6.2 billion since October 19th, 2016 when it commenced its upward trend.
The nation's dollar reserves have increased by 15.02 percent since the start of the year, but were no where near the $64 billion hit in August 2008.
President Muhammadu Buhari and Governor of CBN, Godwin Emefiele
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Meanwhile, the Nigerian Naira on Friday, March 10, crashed against the American Dollar, Pound Sterling and Euro at the parallel market, hours after President Muhammadu Buhari’s return from London.
According to reports, the local currency dropped one point against the dollar as it now at N463 per US dollar as against the N462 rate it was on Thursday, March 9.