Foreign exchange reserves rise to $27.87bn in March -CBN

The Central Bank of Nigeria (CBN) is reporting that there has been a marginal increase in the level of the country’s foreign exchange reserves.

Available data reveal that Nigeria’s foreign exchange reserves climbed marginally by 0.18% to $27.87bn at the end of March. The figures stood at $27.82 billion a month earlier. A year ago, the reserves reportedly stood at $29.79bn. The data were as gleaned from CBN sources on Thursday.

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Nigeria’s capacity to shore up its foreign exchange reserves in the short run remains a major doubt as oil prices continue to take a tumble. The country’s currency has come off worse in the circumstance, warranting belt-tightening economic policies.

The Buhari-led administration is prosecuting an anti-corruption war to recover looted funds as well as husband its dwindling cash reserves.

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