The country’s forex reserves stand at 36.47bnArticle |By Eki Toju
Nigeria’s foreign exchange reserves have hit the highest in a year, rising by 2.96 percent to stand at $36.47 billion.
According to data released by the Central Bank of Nigeria on Monday, the forex reserves stood at $35.42 billion for the month of March, as against $33.09billion in March 2011.
Currency traders said rising dollar flows from offshore investors buying local debt, and large dollar sales by local units of multinational oil companies had washed onto the market in the past few weeks.
The reserves opened the year 2012 on January 3 at $32,985,598,844. By February 3, 2012, it had risen to $34,750,615,695.
It made a significant jump to $35,035,908,409 on February 13 before dipping to $35,020,737,045 the following day and $34,977,812,639 by February 15.
By February 16, it had again dipped to $34,930,760,062. But it moved up steadily again by March 19 to $35,076,730,045.17 and remained on a positive note till April 12.
The difference between the 2012 opening figure and the latest position indicates an upswing in the position of the nation’s reserves.
