Nigeria’s external reserves hit 4-year high of $40.3bn

As foreign investors inject $5.2bn in 4 weeks
CBN intervenes with $986m

By Babajide Komolafe

NIGERIA’s external reserves rose  to $40.33 billion last week, the highest in four years.

Meanwhile investors have injected $5.23 billion through the Investors and Exporters (I&E) foreign exchange (forex) window in four weeks while the Central Bank of Nigeria, CBN, has intervened in the forex market with $986 million since the beginning of the year.

Data from the CBN website showed that external reserves rose to $40.33 billion on Thursday, January 25, from $38.765 billion on December 29, 2017. Thus, the reserves have risen by $1.56 billion this year. The $40.33 billion reserves represent the highest since January 2014 when the reserves dropped to $40.6 billion from $42.84 billion in December 2013.

The steady rise in the external reserve, from July 7 last…