Nigeria’s forex reserves get $200m boost

OBINNA EZUGWU

Nigeria’s Foreign Exchange Reserves was on Tuesday boosted by over $200Million when the London Commercial Court ordered the release of the $200Million guarantee put in place as security in respect of the execution of the much discredited P&ID $10 Billion Arbitral Claim, the Central Bank of Nigeria (CBN) has announced.

According to the apex bank, the UK court also awarded a £70,000 cost in favour of Nigeria in addition to an earlier award of £1.5 million.