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Nigeria’s foreign reserves rise by $1.51bn
Figures released by the Central Bank of Nigeria (CBN) have shown that Nigeria’s foreign reserves rose by $1.518bn from $41.523bn on November 22 to $43.041bn as of December 17.
The reserves, which had suffered major declines in past months, had been maintaining a steady rise of recent.
The nation’s foreign exchange reserves fell from $45.838bn at the end of August to $41.533bn on November 21.
The CBN had earlier revealed that the reserves fell by $990.98m from $47.11bn in July to $46.128bn on August 23, 2018.
Records from the apex bank however showed that the external reserves were gradually moving on a recovery path.
Read also: 2019 budget threatened as oil price falls below benchmark
CBN Governor, Godwin Emefiele, had said before that because crude oil was a major source of the country’s foreign exchange, the nation’s economy became sensitive to fluctuations in the price of crude oil.
“Significant declines in the price of crude oil not only reduced Nigeria’s export earnings, but the nation was also subjected to higher inflation and lower growth, given our dependence on imported goods,” Emefiele had said.
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