Nigeria’s Foreign Reserves Grow to $36.9b

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By Dipo Olowookere

As at Thursday, December 14, 2017, a total of $36.9 billion was left in the foreign reserves of Nigeria, data from the Central Bank of Nigeria (CBN) reveals.

According to the apex bank, this amount grew by 0.4 percent from the previous day, Wednesday, December 13, 2017, when the reserves had $36.7 billion.

Nigeria’s foreign reserves have recorded a growth of 5.1 percent in from December 1 to December 14, 2017.

On December 1, 2017, the amount in the reserves was $35.1 billion.

Already, the external reserves of Africa’s largest economy have recorded 41.2 percent increase this year.

According to data obtained by Business Post on the website of the CBN, where details of the reserve management and movement are published, the country opened the year with $26.1 billion in the reserves.

The government had a target to increase the amount in its external reserves to $40 billion before the end of the year, but may not be met going by the rate the reserves have grown this year.

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