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Nigerian Foreign exchange reserves up by 9 percent in last month

Nigeria's foreign exchange buffer has climbed 53 percent since March 2017 when it stood at USD 30.30 billion.


Reuters
Updated: 01-04-2018 14:22 IST
Nigerian Foreign exchange reserves up by 9 percent in last month

The government raised USD 2.5 billion in Eurobonds in February and expects more to follow. (Image Credit: Pexels)

Nigeria's foreign exchange reserves stood at USD 46.2 billion as of March 28, up 8.8 percent from a month earlier, central bank data showed on Saturday.

Successful debt sales, including a Eurobond offering last month, have helped the government accrue billions of dollars in foreign reserves, although they remain far from the peak of USD 64 billion in August 2008.

The government raised USD 2.5 billion in Eurobonds in February and expects more to follow. Nigeria's foreign exchange buffer has climbed 53 percent since March 2017 when it stood at USD 30.30 billion.

Also Read | Nigeria imports petrol worth USD 6 bn to tackle crisis

It is also worth mentioning that the Nigerian National Petroleum Corporation (NNPC) has imported 9.8 million metric tons of Premium Motor Spirit (PMS) worth USD 5.8 billion to combat fuel crisis, said Dr. Maikanti Baru, Group Managing Director of the corporation during a public hearing by the Senate Committee on Public Accounts in Abuja.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY : Nigeria