NIGERIA - Figures obtained from the CBN on Monday, January 8, 2018 indicate that the External Reserves reached the $40.4 billion mark on Friday, January 5, 2018, indicating an increase of about one billion United States dollars between December 2017 and January 2018.
Confirming the figure,
the Acting Director in charge of Corporate Communications at the CBN,
Isaac Okorafor attributed the accretion to the country’s reserves to the
Bank’s strategy to effectively manage forex demand by various sectors
of the economy.
Citing the CBN policy restricting access to forex from the Nigerian
forex market by importers of some 41 items as the major turning point,
Okorafor said the policy had helped to stop the hemorrhaging of the
country’s external reserves, which hitherto witnessed heavy depletion
due to huge import bills and other debt obligations. According to him,
the CBN policy had ensured a decline in Nigeria’s import bills from over
$5 billion monthly in 2015 to about $1.5 billion in 2017.
Read more at: https://www.vanguardngr.com/2018/01/nigerias-external-reserves-hit-40-4bn-2/
Read more at: https://www.vanguardngr.com/2018/01/nigerias-external-reserves-hit-40-4bn-2/
Confirming the figure, the Acting
Director in charge of Corporate Communications at the CBN,
Isaac Okorafor
attributed the accretion to the country’s reserves to the Bank’s strategy to
effectively manage forex demand by various sectors of the economy. 
Citing the CBN policy restricting
access to forex from the Nigerian forex market by importers of some 41 items as
the major turning point, Okorafor said the policy had helped to stop the
hemorrhaging of the country’s external reserves, which hitherto witnessed heavy
depletion due to huge import bills and other debt obligations. According to
him, the CBN policy had ensured a decline in Nigeria’s import bills from over
$5 billion monthly in 2015 to about $1.5 billion in 2017.
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