Political

Nigeria’s Reserves Rise By $109m In 12 Days

Nigeria’s Reserves Rise By $109m In 12 Days

Although the Central Bank of Nigeria has been consistent in its supply of dollars at the foreign exchange market at both the interbank and bureau de change end of the markets, the external reserves of the country has continued to rise, growing by $109.66 million or 0.36 per cent in the first 12 days of April.

The external reserves which was at $30.307 billion as at the beginning of the month had risen to $30.416 billion as at April 12. 2017, the latest data provided by the Central Bank of Nigeria on its website.

The external reserves has since the beginning of the year accrued $4.322 billion, an increase of 16.6 per cent when compared to $26.094 billion which it was at the beginning of the year. Dollar accretion of the country has been on the rise since last year as oil prices at the global market which had dropped to less than $40 per barrel had improved and remained in the borders of $50-$55 per barrel.

Also the relative peace in the oil rich Niger Delta region of the county has seen oil production of the county rise from 1.550 million b/d in January to 1.608 million b/d in February according to the Monthly Oil Market Report (MOMR) of the Organization of Petroleum Exporting. Countries (OPEC).

Last week the CBN had sold over $450 million at the interbank market to meet spot, forward and invisibles dollar demand. It also sold $20,000 to each BDC operator in tow tranches in an effort to ensure liquidity at the foreign exchange market.

So far, the apex bank has sold more than $2.5 billion at the foreign. exchange market since it began an increased sale of foreign exchange in February this year.

Source: Political

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Political

More in Political

Midterm Assessment: Nigeria’s Economy Under PMB’s Watch

adminMay 30, 2017

Nigeria Ranks Fifth Largest Insurance Market In Africa

adminMay 30, 2017

Dwindling Cargoes, Policy Threaten FG’s Revenue At Seaports

adminMay 30, 2017

Our Achievements Unprecedented – Lai Mohammed

adminMay 30, 2017

Fresh Vista For ICT Literacy Through DBI Campuses

adminMay 30, 2017

Shonga And Nigeria’s Quest For Food Security

adminMay 30, 2017

Our Kwankwasiyya Legacies Will Outlive Us In Kano – Kwankwaso

adminMay 30, 2017

DPC Rejects Independent Candidates, Diaspora Voting

adminMay 30, 2017

Atiku Endorses Gov Bindow For Second Term

adminMay 30, 2017

Copyright © 2016 NigeriaOnline.