CBN Spokesman, Isaac Okoroafor, said in a statement on Sunday that the reserves grew by about 3.2 billion dollars between February and March 2018.
Okoroafor attributed the continued accretion to the country’s reserves to the Bank’s effort at vigorously discouraging unnecessary importation and reducing the nation’s import bill, inflow from oil and non-oil exports.
He also attributed the increase to the huge inflows through the investors and exporters window of the foreign exchange market, which he said had attracted over 33 billion dollars since April 2017, when it was created.
According to him, “the Bank’s interventions in the foreign exchange window has also helped to moderate the pressure on the foreign exchange reserves by sustaining liquidity in the market and boosting production and trade.
Aside that, he said that the policy had also boosted the supply of local substitutes for imported goods, created jobs at home and enhanced the incomes of farmers and local manufacturers.