The CBN in its economic report for fourth quarter 2018 disclosed that gross external reserves was $42.54 billion at end December 2018. A breakdown of the official external reserves by ownership showed that CBN reserves stood at $35.27 billion (82.9 per cent), Federal Government reserves, $6.79 billion (16.0 per cent) and the Federation reserves, $0.48 billion (1.1 per cent).”The nation’s foreign reserves opened 2018 year at $38.76 billion and closed January at $40.69 billion. Foreign exchange reserves will continue to grow. He explained that “In order to halt the declining external reserves, therefore, the CBN should continue to sustain its demand-side management measures including the policy on 41 items. “The short term solutions should also include getting wealthy non-resident Nigerians to play a role in ramping up foreign reserves.

Source: Nigerian Tribune February 05, 2019 18:22 UTC