Forex News From Forex Market - Nigeria’s Foreign Exchange FOREX Reserves By Country Rise by 5.6% Says Reuters

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According to a recent report Released by Reuters on the 22^nd day of July this year 2015 which was supposedly gathered from the latest economy published by the Central Bank of Nigeria (CBN), Nigeria’s foreign exchange reserves significantly rose up from $29.03 Billion recorded in the month of June to $30.69 Billion as at July 22, 2015.

Exactly a year, the FOREX Reserves of Nigeria – Africa’s biggest Crude Oil exporter was $38.8 Billion which is 20.9% lower than the latest figure. This rapid growth in Nigeria’s Foreign Exchange (FOREX) Reserves has been attributed to the relentless efforts of the incumbent Federal Government to fix up the leakages and make the Central Bank of Nigeria (CBN) more effective and management conscious.

[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]

However, the Central Bank of Nigeria (CBN) under the ebullient leadership of Godwin Emefiele last month restricted access to the Foreign Exchange Markets and introduced a strict-tight control measure so as to better regulate the FOREX Market, ward off speculations and also conserve the national Foreign Reserves.

You can also find out what Reuters originally had to say about this through this link http://uk.reuters.com/article/2015/07/24/nigeria-reserves-idUKL5N10411G20150724 for confirmation purposes.

Cheers!

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