{"id":8730,"date":"2018-03-12T08:52:13","date_gmt":"2018-03-12T14:52:13","guid":{"rendered":"http:\/\/nigerianews.ca\/?post_type=news&#038;p=8730"},"modified":"2018-03-12T08:52:13","modified_gmt":"2018-03-12T14:52:13","slug":"how-cbn-policy-restricting-access-to-forex-spikes-nigerias-external-reserves-to-46b","status":"publish","type":"news","link":"https:\/\/nigerianews.ca\/news\/how-cbn-policy-restricting-access-to-forex-spikes-nigerias-external-reserves-to-46b\/","title":{"rendered":"How CBN policy restricting access to FOREX spikes Nigeria\u2019s External Reserves to $46b"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8731 aligncenter\" src=\"https:\/\/nigerianews.ca\/wp-content\/uploads\/2018\/03\/346FFF97-2D1F-4606-9772-177052D4210D.jpeg\" alt=\"\" width=\"584\" height=\"392\" srcset=\"https:\/\/nigerianews.ca\/wp-content\/uploads\/2018\/03\/346FFF97-2D1F-4606-9772-177052D4210D.jpeg 584w, https:\/\/nigerianews.ca\/wp-content\/uploads\/2018\/03\/346FFF97-2D1F-4606-9772-177052D4210D-300x201.jpeg 300w, https:\/\/nigerianews.ca\/wp-content\/uploads\/2018\/03\/346FFF97-2D1F-4606-9772-177052D4210D-100x67.jpeg 100w\" sizes=\"(max-width: 584px) 100vw, 584px\" \/>Nigeria\u2019s External Reserves now stands at $46 billion as at the close of business on Friday.<\/p>\n<p>Figures released by the Central Bank of Nigeria (CBN) at the weekend indicate that the reserves grew by about $3.2 billion between February and March 2018.<\/p>\n<p>The reserves at the beginning of 2018 stood at $39.3 billion, then rose to $42.8 in February before hitting the new high of $46 billion.<\/p>\n<p>CBN Acting Corporate Communications Director Isaac Okorafor attributed the continued accretion to the country\u2019s reserves to \u201cthe Bank\u2019s effort at vigorously discouraging unnecessary importation and reducing the nation\u2019s import Bill; inflow from oil and non-oil exports, as well as the huge inflows through the investors and exporters window of the foreign exchange market,\u201d which he said had attracted over $33 billion since April 2017, when it was created.<\/p>\n<p>CBN promises to increase access to credit by women<\/p>\n<p>At the close of commodities trading on Friday, March 9, 2018, Brent Crude, sold at $65.49 a barrel up by 2.54%.<\/p>\n<p>According to him, \u201cthe Bank\u2019s interventions in the foreign exchange window had also helped to moderate the pressure on the FOREX reserves by sustaining liquidity in the market and boosting production and trade.\u201d<\/p>\n<p>Okorafor also noted that the CBN policy restricting access to FOREX from Nigeria\u2019s foreign exchange market to importers of some 41 items had made a huge impact on the status of Nigeria\u2019s reserves and boosted the supply of local substitutes for imported goods, created jobs at home and enhanced the incomes of farmers and local manufacturers- The Nation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria\u2019s External Reserves now stands at $46 billion as at the close of business on Friday. Figures released by the Central Bank of Nigeria (CBN) at the weekend indicate that the reserves grew by about $3.2 billion between February and March 2018. The reserves at the beginning of 2018 stood at $39.3 billion, then rose [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","tags":[],"news-category":[318],"class_list":["post-8730","news","type-news","status-publish","hentry","news-category-national","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How CBN policy restricting access to FOREX spikes Nigeria\u2019s External Reserves to $46b<\/title>\n<meta name=\"description\" content=\"How CBN policy restricting access to FOREX spikes Nigeria\u2019s External Reserves to $46b\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nigerianews.ca\/news\/how-cbn-policy-restricting-access-to-forex-spikes-nigerias-external-reserves-to-46b\/\" \/>\n<meta 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