Nigeria’s foreign reserves rose from $42.87bn by March 12 to $44.728bn as of April 12, according to latest statistics from the Central Bank of Nigeria (CBN).
This means it rose by $1.85bn while value rose from $43.041bn in December 17, 2018 to $43.047bn as of January 9, 2019.
The Governor of the Apex bank, Godwin Emefiele explains the growth; “We introduced a demand management approach in order to conserve our reserves. In this regard, we analysed our import bill, and encouraged manufacturers to consider local options in sourcing their raw materials, by restricting access to foreign exchange on 41 items, which we later increased to 43 items.”
“Significant declines in the price of crude oil not only reduced Nigeria’s export earnings, but the nation was also subjected to higher inflation and lower growth, given our dependence on imported goods,” he said.
He said, “At the height of drop in crude oil prices, our FX Reserves had declined to $23.7bn in October 2016. With the implementation of the tools, the stock of our external reserves has recovered steadily and has risen to $44.8bn as at March 19, 2019,’’ he submitted.