Road to Recovery: Nigeria's Foreign Reserves Soar To $31.89bn

Nigeria's foreign exchange reserves has picked up on a slow recovery, following the Central Bank of Nigeria's management of dollars demand.

The Central Bank of Nigeria, CBN, has revealed that foreign exchange reserves is on a gradual recovery.

Governor of the CBN, Godwin Emefiele revealed this on Wednesday, July 8, in a meeting with legislators at the National Assembly.

He said the reserve stood at $31.89 billion on July 7, moving up from $29.1 billion at the end of June but still below $37.3 billion a year ago.

The central bank has spent around $5 billion since January defending the naira, which was hit by last year’s plunge in oil prices.

Emefiele was quoted as saying: "With the strong efforts of President Muhammadu Buhari to plug all leakages, as well as the vigilant demand management of the central bank, we have seen our foreign exchange reserves begin a gradual recovery."