The nation’s foreign reserves on Thursday rose to $29.00 billion following oil price increase and relative stability in the Niger Delta. The price of Brent crude as at February 16, 2017 stood at $55.99 per barrel.
This further affirms the projection by analysts in the financial services sector that the external reserves would grow to $30 billion in March this year.
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) had in January at the first Monetary Policy Committee (MPC) meeting in the year said rising oil prices have seen foreign exchange reserves inflows through the CBN rise by well over 82 percent helping push the external reserves to a current high of $28.9 billion in January.
The nation’s reserves recorded its highest level in the last three years on May 2, 2013 rising to $48.9 billion when the price of crude oil (petroleum) was $103.03 per barrel.