Nigeria's Forex Reserve hits $47.2billion

Nigeria's Foreign exchange reserves rose to its biggest  in four years and grew by 38% monthly as to $47.2 billion as at February 27


The latest data from the Central Bank of Nigeria (CBN) revealed that the country’s forex reserves were $45.26 billion a month earlier while they rose by 34 .99% from a year ago when $34.83 billion were recorded.
Currency dealers say the apex bank has been spending less of the reserve to fund its twice-weekly foreign exchange auction as a result of increased dollar flows from offshore investors buying debt.
The inclusion of Nigerian bond in the JP Morgan emerging market index last year attracted flurry of offshore investors, boosting dollar flows and contributing to the growth in reserves.