35.41% offshore investment inflows drives Nigeria’s foreign exchange reserve to $30.8bn

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    LAGOS, July 31 – Nigeria’s foreign exchange reserves had risen to an almost three-month high of $30.74 billion by July 27, latest central bank data showed on Monday.

    He said total inflows into Africa’s biggest economy in June rose by 35.41 percent from a month earlier, lifting foreign reserves.

    Nigeria’s dollar reserves grew 1.62 percent from a month earlier.

    Reserves have risen 17.24 percent from a year earlier, partly due to increases in the production and price of crude oil, Nigeria’s mainstay, and to offshore investment inflows into its financial markets.

    Governor Godwin Emefiele, speaking after the central bank’s policy meeting last week, said improved foreign exchange management and growing interest from offshore investors were boosting dollar liquidity on the currency market.

    He

    Reserves stood at $26.09 billion at the start of the year, but are far off a peak of $64 billion hit in August 2008.

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    Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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