For the first time in four years, Nigeria’s external reserves grew by 3.8 per cent month on month to $47.02 billion as at February 21, 2013. This increase is coming amid claims by prominent Nigerians that the external reserves is being squandered – the government will have something to boast about now. The latest data from the Central Bank of Nigeria (CBN) revealed that the country’s forex reserves were $45.26 billion a month earlier while they rose by 34 .99% from a year ago when $34.83 billion were recorded.
