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Nigeria’s External Reserves Hit $25.4b

By Modupe Gbadeyanka

Latest data from the Central Bank of Nigeria (CBN) has revealed that the country’s foreign exchange reserves have reached $25.4 billion from the $25.084 billion it achieved on December 16, 2016.

This indicates a rise of nearly $300 million in less than one week.

It would be recalled that in September, the reserves were $24.361 billion and dropped to $23.89 billion in October.

But at the end of November, the reserves stood at $24.77 billion.

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Nigeria’s foreign reserves started depleting when the demand for Dollar surged, which weakened the Naira.

Also, income from the country’s major source of foreign exchange, crude oil, dropped due to activities of Niger Delta militants and fall in price of the commodity.

With the latest rise in the foreign reserves, currency and economic experts are not sure if this would be sustained amid a falling Naira and acute shortage of Dollar in the foreign exchange markets and the economy.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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