Nigeria’s external reserves rise to $25.7bn

Naira in shocking fall in Forex market

The nation’s foreign reserves has increased to $25.78 billion

The figure recorded on the eve of the New Year, represents a gain of $420 million in seven days.

At $25.78 billion, the reserves recorded about $1 billion increase, or 4.2 per cent rise month-on-month, up from $24.77 billion at the end of November, as marginal rise in the international oil prices and production remained relatively stable.

Last November, the reserves recorded an increase of $589 million, after weeks of consistent and gradual gains, despite demand pressure, bringing it to $24.49 billion, up from $23.91 billion.

It also closed up a two-month decline to $247 million, after losing $836 million between September ($24.74) and October ($23.91).

The last time the reserves were at this level was in the middle of August 2016, with average growth of about 2.8 per cent from the end of October till date.

However, at the same level too, it declined by 11.7 per cent from $29.13 billion as at December 2015, due to fallen price of crude oil, which depleted Nigeria’s external reserves and huge demand by importers.

 

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