Nigeria's foreign reserves enjoying great growth as naira remains stable - CBN
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Nigeria's foreign reserves enjoying great growth as naira remains stable - CBN

- Nigeria's external reserves have continued to grow since May 2018, according to data from the Central Bank of Nigeria

- The apex bank said that in the month May, the reserves grew by $51.32 million, placing the total sum at $44.843 billion

- The CBN also showed that the value of the naira has enjoyed stability across various markets in the country

According to data from the Central Bank of Nigeria (CBN), Nigeria’s external reserves have continued to grow by $51.32 million in the first few days of May 2018, putting it at $44.843 billion as at Wednesday, May 8.

The CBN data also showed that the value of naira has been stable at the various markets selling at N360 to a dollar at Bureau de Change and on the streets, Leadership reports.

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Expert analysis believed that the cause for the stability at the reserves’ growth is connected with the sustained buying interests in the fixed income market even as the stable oil prices have also been another factor.

It should be recalled that the CBN recently put in $205 million into the market to help the currency as the wholesale segment of the market got $100 million.

The apex bank also injected the sum of $55 million in the Small and Medium Enterprises (SMEs) as it got $55 million, while $50 million was allocated to customers who need dollars for tuition fees, medical payments and Basic Travel Allowance (BTA), among other areas.

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Meanwhile, Legit.ng earlier reported that Isaac Okoroafor, the director, corporate communications of the CBN, said that no money is missing or stolen from the apex financial house as claimed in a report.

It was gathered that Okoroafor said this in a statement on Sunday, May 12, while reacting to a recent article and audio clips in which the CBN governor and other senior officials were heard discussing discrepancies in the bank’s accounts.

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Source: Legit.ng

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