Data released by the Central Bank of Nigeria (CBN) on its website has revealed that Nigeria’s foreign reserves stock has risen to N30.220 billion.
The data, analysed by Business Post, showed that the external reserves recorded an increase from what it was earlier. According to the central bank, the amount shows what was left in the reserves as at Wednesday, June 21, 2017. A day earlier, the external reserves stood at N30.219 billion, while as at Monday, June 19, 2017, it was at N30.218 billion. On the first day of this month, Thursday, June 1, 2017, the reserves stood at N30.300 billion, but declined to N30.283 billion the next day. The reserves went on to deplete and as at June 15, 2017, the amount left was N30.211 billion. It contracted further the next day to N30.209 billion before increasing to N30.218 billion on Monday, June 19, 2017.
It has since maintained a steady rise up till Wednesday, June 21, 2017, when the apex bank last updated the amount left in the West Africa’s biggest economy’s reserves. Recall that the external reserves started to rise after militants in the oil-rich Niger Delta region of Nigeria reduced their attacks on oil facilities in the area. This increase the production of oil. The central bank, since February this year, has relied on the country’s reserves to intervene in the foreign exchange market in Nigeria, releasing billions of Dollar to the market to ease pressure on the Naira. This has relatively kept the Naira stable within N365 to N370 to the Dollar at the market lately from over N500 per Dollar it traded back then.