By Dipo Olowookere
The amount left in Nigeria’s external reserves has continued to rise and at the moment, the Africa’s largest economy has about $33.6 billion in its reserves, Business Post has learnt.
Data obtained by Business Post on the website of the Central Bank of Nigeria (CBN) showed that the $33.6 billion is what the country has left in its foreign reserves as at Tuesday, October 24, 2017.
The amount increased from $33.55 billion on Monday, October 23, 2017 to $33.58 billion the next day, according to the apex bank.
The latest figure is the highest in nearly three years.
In recent times, the external reserves of the West Africa’s biggest economy have been on a steady rise.
According to data obtained by Business Post from Trading Economics, Nigeria’s reserves closed at $34.2 billion in December 2014 and then $32.4 billion in January 2015.
In May 2015, the reserves closed at $29.6 billion and then slumped to $29 billion the next month.
However, it rose jumped to $31.5 billion in July 2015 before receeding to $31.2 billion in August and then $30.3 billion in September.
In October, the reserves fell to $29 billion and closed in December at $29.1 billion.
In January 2016, the foreign reserves dropped to $28.2 billion and $26.4 billion in June.
By August 2016, only $24.6 billion was left in the reserves and $23.9 billion in October 2016.
However, since then, the reserves have been on a steady rise, growing to $30.8 billion in April this year, but depreciated to $30.3 billion in June 2017.
The reserves went up the next month to $30.7 billion and have not looked back since, growing to $33.6 billion as at October 24, 2017.
