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Home Economy

Nigeria’s forex reserves decline 11.7 pct to $25.72b yr/yr by Dec 28

metro by metro
December 30, 2016
in Economy
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Godwin Emefiele

Godwin Emefiele

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Nigeria’s foreign exchange reserves fell 11.7 percent to $25.72 billion by Dec. 28, from $29.13 billion a year earlier, central bank data showed on Friday.

However, the reserves showed a 4.2 percent increase month-on-month, up from $24.69 billion on Nov.28 – due to a slight recovery in global oil prices and a rise in the OPEC member’s oil production levels.

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Nigeria’s oil production rose to 1.70 million barrels per day (mbpd) in November, up from 1.65 mbpd the previous month, which lifted the West African country forex reserves.

 

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