By Dipo Olowookere
Though challenging, the year 2017 has really been positive for Nigeria and this was extended to its foreign reserves.
Last year, the Africa’s largest economy slumped into recession, but in the second quarter of 2017, it exited the economic downturn.
The foreign reserves, despite being dipped into to rescue the local currency, Naira, at the foreign exchange market (forex) this year, increased broadly in 2017.
Checks by Business Post on Sunday evening showed that the country’s external reserves stood at $38.7 billion as at Thursday, December 28, 2017, when the Central Bank of Nigeria (CBN) last updated it on its website.
The apex bank had planned to grow the nation’s reserves to $40 billion by December 31, 2017, but this may no longer be possible.
According to the apex bank, as at December 22, 2017, the foreign reserves stood at $37.9 billion after being at $37.8 billion a day earlier.
The reserves had opened 2017 at $26.1 billion, closing now at $38.7 billion, showing a growth of 48.3 percent this year.
Analysts have projected a positive growth for Nigeria in 2018, a year before Nigerians head to the polls to elect their President. It is not certain of they will like to retain President Muhammadu Buhari as their leader or get a new one.
