Nigeria’s external reserve hits six months high at $44.14bn

Figures made available by the Central Bank of Nigeria, CBN, have shown that the country’s foreign exchange reserve has hit a six months high at $44.14 billion as at Thursday.

The external reserves have gained over $1.8bn since February 28, when it dropped to its 2019 low of $42.296bn.

The reserves had risen slightly from $43.116bn on December 31, 2018, to $43.174bn on January 31, 2019, only to fall to $42.296bn at the end of last month.

It would be recalled that the external reserves rose to a high of $47.865bn on May 10, 2018. It however plunged to $41.523bn on November 22 from $44.305bn on September 28.

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This is coming just as the United States’ President, Donald Trump’s tweet cussed another price upset in the crude oil market.

Trump had on Thursday, called for the Organisation of the Petroleum Exporting Countries to boost oil production to lower the price of the commodity.

“[it is] very important that OPEC increase the flow of oil. World markets are fragile; price of oil getting too high. Thank you!” Trump wrote in a post on Twitter.

Immediately after the tweet, the US crude oil futures fell by more than $1 to $58.33 a barrel and Brent futures were down by more than $1 to a session low of $66.76 per barrel, Reuters reported.

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