Foreign reserves hits $31.22bn
The Nigeria’s external reserves on Tuesday August 8, 2017 rose to $31.22 billion from its low level of $23.9 billion in October 19, 2016.
The price of Brent crude oil (petroleum) as at 2.54 pm today (August 9, 2017) stood at $52.41 per barrel.
The increases in the foreign exchange reserves are attributable to oil prices increase and relative stability in the Niger Delta.
The nation’s reserves recorded its highest level in the last three years on May 2, 2013 rising to $48.9 billion when the price of crude oil (petroleum) was $103.03 per barrel.
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) had at January Monetary Policy Committee MPC) meeting said rising oil prices have seen foreign exchange reserves inflows through the CBN rise by well over 82 percent helping push the external reserves to a current level.
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