Nigeria’s foreign exchange reserves stood at $37.92 billion as of Dec. 22, up 45.34 percent year-to-date, while the local currency closed at 306.05 to the dollar at the official window, while closing at 360.33/$ on the investor forex window and at 364 to the dollar on the black market.
The naira opened at 305 to the dollar on the official market this year and at 490 to the dollar on the black market on January 4, 2017. The central bank introduced the investor window in April this year.
The gain at the black market was a result of the consistent intervention by the central bank on the bureau de change window, while dollar flow through the investor window has helped to ease pressure on the local currency.
At some point, before the central bank introduced the investor forex window, the naira depreciated to around 520 to the dollar on the black market.
Equally, the nation's forex reserves were as low as $26.09 billion on the first working day of this year.
The forex reserves gained some ground this year due to recovery in global crude oil price, external borrowing by the government and the increased inflow from portfolio investors through the investor forex window.
The government raised $3 billion in Eurobonds in November.
Nigeria’s forex buffer has climbed nearly 50 percent since last December but is still far off a peak of $64 billion hit in August 2008.
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