Nigeria’s foreign exchange reserve gained 8.8 per cent as of March 28, to $46.2 billion compared to the same period in February 2018, according to reports quoting data from the Central Bank of Nigeria (CBN).
The reserve is still far from the peak of $64 billion recorded in August 2008. Debt sales such as Eurobond offering by the Federal government helped Nigeria to accrue billions of dollars in foreign reserve, according to reports by Reuters.
The government raised $2.5 billion in Eurobonds in February and it is hoping to raise more. The apex bank held its statutory Monetary Policy Committee (MPC) meeting today, April 3, which continues tomorrow April 4, the first such meeting since January this year.