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Nigeria foreign reserves rise to highest level in 9 months

Nigeria foreign reserves rise to highest level in 9 months

Nigeria

Nigeria’s foreign exchange reserves rose to $27.82 billion by January 25 from a month ago, climbing to the highest level since April.

The Governor of Central Bank on Nigeria (CBN) Godwin Emefiele, on Tuesday said the country’s external reserves had hit $28.9bn.

According to data from the CBN, the reserves grew from 27.76 billion dollars on January 24 and 27.4 billion dollars on January 23.

This means that the reserves have increased by 3.1 billion dollars within the first three weeks of 2017.

This is approximately a 12 per cent increase when compared to the $25.8bn the reserves recorded on the last day of 2016.

The CBN is yet to provide any reason for the recent rise in reserves, although it may be due to the rise in global oil prices and production levels.

Economic analysts attribute the increase to a rise in oil prices and production output as well as a slowdown in foreign exchange allocation by the CBN.

The Group Managing Director, Afrinvest West Africa Limited, Ike Chioke, said the recent accretion in the external reserves was due to both increase in oil prices and production output as well as slowdown in foreign exchange allocation by the CBN.

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