The nation’s foreign exchange reserves have increased to a six-month high of $44.14bn, data obtained from the Central Bank of Nigeria (CBN) on Thursday showed.
The external reserves have gained over $1.8bn since February 28, when it dropped to its 2019 low of $42.296bn.
The reserves, which rose slightly from $43.116bn on December 31, 2018, to $43.174bn on January 31, 2019, fell to $42.296bn at the end of last month.
The external reserves had risen to a high of $47.865bn on May 10, 2018, but plunged to $41.523bn on November 22 from $44.305bn on September 28.
Meanwhile, the United States’ President, Donald Trump, on Thursday, called for the Organisation of the Petroleum Exporting Countries to boost oil production to lower the price of the commodity.
“[it is] very important that OPEC increase the flow of oil. World markets are fragile; price of oil getting too high. Thank you!” Trump wrote in a post on Twitter.
Immediately, following Trump’s tweet, the US crude oil futures fell by more than $1 to $58.33 a barrel and Brent futures were down by more than $1 to a session low of $66.76 per barrel, according to Reuters.
Crude oil prices have risen this year amid supply cuts by OPEC as well as US sanctions on two OPEC member countries, Venezuela and Iran. The drop in production has led to a tightening of oil inventories.
But analysts said oil prices would have been higher by now if not for a spreading economic slowdown expected to soon start hitting fuel consumption.
