By Modupe Gbadeyanka
Latest data from the Central Bank of Nigeria (CBN) on Thursday shows that the country’s external reserves grew further to $26.2 billion up from $25.8 billion on December 30, 2016.
The foreign exchange reserves had risen to over four-month high of $25.7 billion on December 28, 2016 from $25.4 billion on December 23, 2016.
Data from the apex bank equally showed that the foreign exchange reserves ended last year with $25.84 billion balance on December 30, 2016.
The foreign exchange reserves have been rising in recent weeks following the gradual increase in oil price and production output.
In less than one week, the reserves rose by almost $300 million from $25.084 billion on December 16, 2016 to $25.361 on December 22, 2016.
It would be recalled that on December 22, 2015, the reserves stood $29.341 billion and exactly a year later, it was $25.361 billion, indicating a drop of $4 billion in 12 months.
The drop was estimated at 14 percent. On December 31, 2015, the last day of the year, the external reserves stood at $29.069 billion, compared to $25.84 billion recorded on December 30, 2016.
Adedapo Adesanya