Nigeria’s Foreign Exchange Reserves Rise by $589m In One Month

By Ikenga Chronicles November 25, 2016

Nigeria’s foreign exchange reserves, which is held by the Central Bank of Nigeria (CBN), have recorded an increase of $589 million, after weeks of consistent and gradual gains, despite demand pressure.The lift now brings the stock of reserves to $24.49 billion, up from $23.91 billion in a period of one month which equals to a 2.5 per cent rise.

This also means an end to a two-month decline to $247 million, after losing $836 million between September ($24.74) and October ($23.91).
The international price of crude oil has remained relatively stable in recent weeks, but with little effect on the country’s production due to the activities of militants. However, the price stability, slight improvement in capital importation and the country’s management of the foreign exchange policy through the CBN, have also contributed to the assessed reserves’ accretion.
Meanwhile, African Development Bank (AfDB), a regional multilateral development bank, earlier engaged in promoting the economic development and social progress in the continent, delivered $600 million facility, out of the $1 billion pledge to Nigeria, which may have aided the reserves recovery.
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