Modupe Gbadeyanka
By Modupe Gbadeyanka
Nigeria has grown its external reserves to $33.11 billion, data from the Central Bank of Nigeria (CBN) has revealed.
In the data obtained by Business Post from the website of the central bank on Saturday, it was observed that the reserves increased from $33.10 billion on Wednesday, October 11, 2017 to $33.11 billion on Thursday, October 12, 2017.
It was observed that the foreign reserves opened for the month of October 2017 at $32.6 billion and has been on a steady rise this month.
Since the prices of crude oil in the global market crashed, Nigeria, which depends solely on oil, has had to struggle with its reserves.
At the beginning this year, Nigeria’s foreign reserves stood at $27.9 billion, and it grew to $29.6 billion the next month.
In March, Business Post learnt that the reserves stood at $30.3 billion, while in April 2017, it was $30.8 billion.
In the next month, the external reserves depreciated to close at $30.4 billion, and further slumped to $30.3 billion in June.
However, in July 2017, the amount in the foreign reserves skyrocketed to $30.7 billion, while in August, it closed at $31.8 billion, and $32.5 billion in September 2017.
