Nigeria’s foreign reserves hit five months high at $25bn

For the first time in five months, Nigeria’s foreign exchange reserves has returned to the $25 billion it was before plunging to an 11-year-low of $24.76 billion earlier in 2016.

As at yesterday, December 16, 2016, the reserves, which shows the state of the country’s finances in other currencies, rose to $25,043,149,161, according to data from the Central Bank of Nigeria, CBN.

Since the introduction of the new foreign exchange regime, the CBN has said the inflow of foreign exchange into the Nigerian economy, had been on the rise, with hopes of beating demand.

But as the foreign reserve increases, the naira has however remained “immune” to the rise in foreign exchange, with the naira sliding to 487 against the dollar at the parallel market on Friday.

The British pound and euro, went for N605 and N510 respectively. The official side of the market traded a dollar for N315 on Friday.

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