The Central Bank of Nigeria says Nigeria’s foreign exchange reserves rose by 0.18 percent to $27.87 billion by March 29 from a month ago.
According to the CBN, the exchange reserves were $27.82 billion about a month ago.
Calculating about a year ago, CBN data showed that the Reserves stood at $29.79 billion.
Nigeria, which is Africa’s biggest economy, is facing its worst economic crisis in decades.
A plunge in oil prices has eaten into its foreign reserves as it battles to defend its ailing naira currency.
Earlier this year, the CBN said the apex bank is halting dollar sales to non-bank foreign exchange operators and letting commercial banks accept dollar deposits with immediate effect. This was part of efforts to shore up dwindling foreign reserves.
Governor of Central Bank, Godwin Emefiele defended the halt of sale of foreign exchange to bureaux de change saying they were using up the country’s foreign reserves for illegal transactions and selling the dollar way higher than its official central bank rate of 197 naira.
To avoid devaluing the currency, a stance so far supported by President Muhammadu Buhari, the central bank adopted increasingly stringent foreign exchange rules last year and effectively banned dollar access for the purchase of 41 items.
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