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HomeBankingForeign reserves hit 30-month high at $31.6bn

Foreign reserves hit 30-month high at $31.6bn

Nigeria’s foreign exchange reserves have stood at a 30-month high at $31.59 billion, as at August 18. The Central Bank of Nigeria(CBN) data have shown.

Nigeria’s dollar reserves have climbed back to a level they last reached in January 2015, shortly before the general elections. The bank, however, did not provide the reason for the increase.

Nigerian assets, largely shunned by foreign investors over the past three years, have attracted significant amounts of capital after the CBN in April liberalised the exchange rate for investors.

The forex buffer stood at $25.73 billion, up by 20.77 per cent from a year ago, but is still far off a peak of $64 billion hit in August 2008.

Also, the naira was boosted as the CBN yesterday, with $297 million injection into the Retail Secondary Market Intervention Sales (SMIS) segment of the forex market raising the total intervention for the week to $547 million.

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Confirming the figures, the CBN spokesman, Isaac Okorafor, disclosed that the bank was resolute in its determination to intervene in the forex market with the aim of uplifting the naira exchange rate, boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.

Okoroafor, an acting director in the Corporate Communication department of the apex bank, expressed confidence that the interventions would continue to guarantee stability in the market and ensure forex availability to individuals and business concerns with genuine demand.

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