Nigeria’s Gross External Reserves Rise to $38.832bn
The gross balance in Nigeria’s foreign reserves climbed to $38.832 billion, according to data from the Central Bank (CBN).
This week, Nigeria has seen $33.614 million addition into the external reserves, from $38.709 billion last week.
FX accretion into the nation’s reserves continue to make uptrend despite low oil production as OPEC latest report.
While the market cannot put figure on inflows related to oil sales in the FX reserves, analysts noted that the Apex Bank has been using OMO bills market to attract foreign portfolio investors.
Last week, the average yield for OMO bills rose by +214 bps to close at 25.9% after CBN auction. At the OMO auctions, the CBN offered the sum of N300 billion, but allotted N905 billion worth of OMO bills to market participants.
In its commentary note, Coronation Research said it appears that take-up by Foreign Portfolio Investors (FPI) was strong. The CBN’s stop rate stood for 361-day OMO bills settled at 24.3%. #Nigeria’s Gross External Reserves Rise to $38.832bn
