Nigeria's External Reserves hits $45.98billion

According to the latest data provided by the Central Bank of Nigeria (CBN), the new figure represented an increase of 2.84 per cent over the preceding figure of $45.91 billion published on January 30.


The external reserves grew by 34.76 per cent in 2012 to over $44 billion and have continued the upward trend in 2013 as oil prices rise at the international market. However they fell below the Federal Government’s $50 billion target set for 2012.


Meanwhile, the naira, on Friday, appreciated by 0.2 kobo or 0.12 per cent against the United States (US) dollar at interbank market, closing at N157.20 per dollar as against N157.40/$ on Wednesday, data from Financial Markets Dealers Association (FMDA) indicated.


This development was attributed to the improvement on inflow of $69 million sales from oil firm.


At the Bureau de Change (BDC) market segment, the naira went for N157 against the dollar.


The apex bank sold $120 million at a foreign currency auction, on Wednesday, at N155.74, the lowest in three auctions.