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04 Oct 2019, Petia Krasteva, EMIS Editor

Central Bank of Nigeria’s foreign reserves amount to USD 41.8bn at end-Sep

The gross external reserves of the Central Bank of Nigeria amounted to USD 41.8bn at the end of September, CEEMarketWatch reported. Reserves were by 4.2% lower than at end-August. CEEMarketWatch explained the drop with volatile oil prices and weakening investor sentiment towards emerging markets. Gross external reserves have decreased by 3% since the start of the year.

The reserves are sufficient to finance 7 months of merchandise imports. CEEMarketWatch commented reserves are large enough to cover the imports, broad money and current account. This implied some stability and has prompted the return of some portfolio investors to the local debt market tempted by attractive yields. By contrast, equity investors remain cautious and worried by persistent economic imbalances.   

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Original source: CEEMarketWatch