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$594,862,612 PUMPS INTO NIGERIA IN THREE DAYS

$594,862,612 PUMPS INTO NIGERIA IN THREE DAYS

$594,862,612 PUMPS INTO NIGERIA IN THREE DAYS

 

BY: OMOKHUALE PUAH

 

The Central Bank of Nigeria (CBN) has received an inflow into Nigeria’s foreign exchange reserves of $595 in three days.

 

In a report given by the CBN, it was noted that a total amount of $594,862,612 was incurred by the foreign reserves, between the 24th of August and the 29th of August 2016 – three trading days.

 

According to the data, it was also noted that the reserve fluctuated from an 11 year low of $25,600,746,725 on Wednesday to a monthly high of $26,195,609,337 on Monday.

 

Embedded in the report “Nigeria has been battling low oil price, which has led to the fall of foreign exchange receipt  from $4b a month to less than $500m per month”.

 

Following the report, the gross external reserves which stood at $26.51b at the end of second quarter of 2016, showed a decline of three percent an six percent, comparing the levels in the preceding quarter and the period of 2015.

 

However, the latest improvement of policies by CBN seems to yield some results, coupled with the inflow and registration of the 11 international organizational money transfer operators (IMTOs).

 

In the words of the CBN “we remain committed, even unto implementing a holistic suit of policies, capable of maintaining financial stability in Nigerian economic system.

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