Monday, June 14, 2021

Nigeria’s foreign reserve hits $27.4bn

Headline

Jaafar Jaafarhttps://dailynigerian.com/
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
tiamin rice

By John Edwin

Nigeria’s foreign reserve has increased to $27.4 billion, recording 18.2 per cent accretion since its recent uptrend.

Latest figures from the Central Bank of Nigeria, CBN, for January 2017, indicated that the uptrend began October 20, 2016 and persisted with minor pullbacks recorded on November 1, 2016 and December 14, 2016.

READ  Uzodinma briefs Buhari on Imo security challenges, says leaders not speaking out

The trend reversed the over one-year persistent decline, which bottomed out at $23.2bn on October 19, 2016.

The reserve, in the 12 weeks upward trend, added $4.2 billion as against $8.6 billion it had lost since President Muhammadu Buhari came into power in 2015.

READ  CBN retirees carpet bank’s management over pension

The latest figure of the reserve is also on 10 months high over the last one year while indications are that accretion would continue on the back of improved oil revenue.

The month-on-month trend shows an increasing tempo in the month of January 2017 when it garnered $2.002 billion, a huge 7.9 per cent rise.

December 2016 accretion was $1.025 billion, about 4.2 per cent rise while November recorded accretion of $840 million, about 3.6 per cent rise.

READ  Umahi planning to jail opposition members in Ebonyi, AESID raises alarm

The uptrend was largely as a result of the rises in the international oil price (Nigeria’s major foreign exchange earner) in the recent month especially in January when it settled above $55 per barrel, as against last year’s average of $43 and 2015 average of $38.

READ  NNPC’s Biofuel Program in Kebbi excites Gov. Bagudu

Subscribe to Our VIP Newsletter

[newsletter_signup_form id=1]
-->

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here
READ  Pantami: Christian clerics hold peace, solidarity rally for Buhari administration

Latest News

cosgrove
atrk atrk atrk atrk atrk atrk atrk atrk atrk atrk