External reserve maintains consistent growth, now $26.5bn

By Odunewu Segun

Latest data from the Central Bank of Nigeria has shown that Nigeria’s external reserves has maintained a consistent growth in recent weeks, rising from $26.2 billion in January 6 to $26.55 billion on January 9.

The country’ s external reserves rose to $ 26.55 bn on January 9 , from $ 26.2 bn on January 6 , the latest data from the Central Bank of Nigeria showed on Tuesday.

The foreign exchange reserves had hit $ 26 bn on January 3, 2017, up from $ 25.8bn on December 30, 2017, the CBN statistics revealed.

Within the space of about six and half weeks, the reserves have appreciated by $2bn. It went up from $ 24.5 bn on November 24, 2016 to $ 26.5 bn on January 9, 2017.

The foreign exchange reserves had risen to over four- month high of $ 25.7 bn on December 28, up from $ 25.4 bn on December 23. In less than one week, the reserves rose by almost $ 300m from $ 25.084 bn on December 16, 2016 to $ 25.361 on December 22.

Meanwhile, Nigerians in the Diaspora, who are desirous of investing in the $300 million Diaspora Bond would have the privilege of doing so in March, when it would be rolled out.

Minister of Finance, Mrs. Kemi Adeosun, gave this indication while exchanging views with the Senior Special Assistant to the President on Foreign Affairs and Diaspora, Mrs. Abike Dabiri-Erewa, in Abuja, yesterday.

According to her, “on the Diaspora Bond, we are keen for that to take off. We are doing the Eurobond at the moment. The Eurobond is for January and as soon as that is completed, the next one is the Diaspora Bond.

“We are very excited that the National Assembly has approved the Diaspora Bond. We believe Nigerians abroad want to support development in Nigeria. We are hoping that the Diaspora Bond will be rolled out by March.”

Specifically, Adeosun said the Family Home Fund housing scheme being undertaken by the Federal Ministry of Finance would lead to job creation and improvement in the standards of living of the Nigerian people.

She described the Family Home Fund as one of the initiatives of this administration to reposition the nation’s economy.