Nigeria’s Forex Reserve Hits $45.43 billion
Nigeria’s external reserve stood at $45.43 billion as at January 23, the Central Bank of Nigeria has disclosed in its latest data provided on its website.
The bank also revealed that the external reserves had grown by 34.76 per cent in 2012 to over $44 billion.
External reserves continued its upward trend in 2013 as oil prices rise at the international market.
However, the external reserves according to the CBN could not meet up with the $50 billion target set by the federal government by the end of 2012.
Meanwhile, the Naira has firmed to N157.15 against the Dollar as sales by a unit of Addax Petroleum and some offshore investors buying local debt strengthened the Naira at the interbank.
Dealers said Addax, sold about $11.5million to some lenders, while flows from offshore investors buying treasury bills improved dollar liquidity.
The Naira closed at N157:15 kobo to the Dollar, yesterday, firmer than Fridayâ€™s figure of N157:30 kobo.
The Naira remained unchanged at the CBN’s forex auction, as the apex bank sold 150 million dollars at N155:73 kobo to the dollar, the same amount and rate sold at its previous auction last week.