Nigeria’s external reserves rose to $40.33billion as of Jan. 25, representing an increase of about $1.42 billion year-to-date, latest data from the central bank showed on Tuesday.
Although a central statement on Jan 22 has indicated the reserves were at $40.78 billion as at January 18, data published on its website showed contrary position.
Data published on the bank's website http://www.cenbank.gov.ng/IntOps/Reserve.asp indicated that the reserves stood at $39.92 billion as at Jan. 18, short of $0.86 billion compared with the figure earlier reported by the bank.
The country's dollar reserves, which represents Africa's biggest economy buffer against currency risk stood at $38.73 billion a month earlier.
According to the central bank data, the reserves were doing better than it was a year ago when it stood at $27.82 billion.
Successful debt sales, including multiple Eurobond offerings last year, have helped the government accrue billions of dollars in foreign reserves, although they remain far from the peak of $64 billion in August 2008.
Successful debt sales, including multiple Eurobond offerings last year, have helped the government accrue billions of dollars in foreign reserves, although they remain far from the peak of $64 billion in August 2008.
For instance, Nigeria raised around $5 billion in Eurobond last year, coupled with $300 million in diaspora bond issued the same period, which helped to boost the strength of the country's forex buffer.
Nigeria introduced the Investors & Exporters Forex window in April last year at the peak of its currency crisis in a bid to ease liquidity pressure and boost foreign investors' confidence in the domestic economy.
The central bank said in a report early in the month said around $13 billion inflows have been recorded through the investors' fx window since it was established, indicating improved confidence in the economy by foreign investors.
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