Foreign Reserves Gained $1.52bn In Four Weeks

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The nation’s foreign reserves rose by $1.518bn from $41.523bn on
November 22 to $43.041bn as of December 17, the latest figures from the
Central Bank of Nigeria revealed.

Records revealed that the
reserves, which had suffered significant 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.

Figures
from the CBN had earlier revealed that the reserves fell by $990.98m
from $47.11bn in July to $46.128bn on August 23, 2018.

But of recent, records from the apex bank showed that the external reserves were gradually moving on a recovery path.

The
Governor of the CBN, Godwin Emefiele, had earlier said 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.

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