Nigeria’s External Reserves Continue To Increase, Hit $26.5bn

The latest data from the Central Bank of Nigeria (CBN) on Tuesday indicated that the country’s external reserves have risen to $26.55bn on January 9, from $26.2bn on January 6.

The foreign exchange reserves had hit $26bn on January 3, 2017, up from $25.8bn on December 30, 2017, the CBN statistics added.

On December 30, 2016, the reserves closed the year with $25.84bn balance.

The foreign exchange reserves have been rising in recent weeks following the gradual increase in oil price and production output.

Within the space of about six and half weeks, the reserves have appreciated by $2bn. It went up from $24.5bn on November 24, 2016 to $26.5bn on January 9, 2017.