External reserves rise by 12% in three weeks

Nigeria’s external reserves increased by 12 per cent within a period of three weeks.

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

This means that the reserves have increased by $3.1bn within the first three weeks of this year. This is approximately a 12 per cent increase when compared to the $25.8bn the reserves recorded on the last day of 2016.

However, on the CBN website, the reserves rose to $27.82bn on January 25 from $27.76 on January 24, after hitting $27.69 on January 23.

The country’s foreign exchange reserves had increased to $27.49bn on January 20, according to the statistics.

The external reserves rose by 8.9 per cent month-on-month to $27.49bn on January 20.

Year-on-year, the reserves however recorded a decline of 3.17 per cent compared to January 2016.

The CBN has 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.

The reserves had risen by 15 per cent or $3.6bn from $23.8bn recorded on October 19, 2016 to $27.4bn on January 19.

This year alone, the foreign exchange reserves have risen by $1.9bn or 7.4 per cent.

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