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Title : Nigeria's External Reserves Stand At $38.7Bn
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Nigeria's External Reserves Stand At $38.7Bn

Nigeria's external reserves, also known foreign exchange reserves, rose by 50 per cent in the last one year to hit $38.73bn on December 28, 2017, the Central Bank of Nigeria data showed on Sunday.

This means that the foreign reserves gained $12.9bn between December 2016 and December 2017.

Between January and October 2017, the reserves rose by $8bn, indicating a 30.9 per cent increase when it recorded $33.83bn on October 31. 

The CBN latest statistic showed that as of December 22, 2017, the Nigeria’s foreign reserves stood at $37.92bn.

This development was owing to the relative stability in the Niger Delta, uptick in the global oil prices, improvement in Diaspora remittances and establishment of the Investors and Exporters Foreign Exchange Window by the CBN in April 2017 have led to significant growth in the country’s external reserves especially in the second half of the year.

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