External reserves climbs to $ 26.55 bn

by on January 11, 2017

The country’ s external reserves rose to $ 26.55 bn on January 9 , from $ 26.2 bn on January 6 , the latest data from the Central Bank of Nigeria showed on Tuesday.

The foreign exchange reserves had hit $ 26 bn on January 3,2017, up from $ 25.8bn on December 30,2017, the CBN statistics revealed .
The reserves ended last year with $ 25.84 bn 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.

Within the space of about six and half weeks , the reserves have appreciated by $2bn. It went up from $ 24.5 bn on November 24,2016 to $ 26.5 bn on January 9,2017.

The foreign exchange reserves had risen to over four- month high of $ 25.7 bn on December 28, up from $ 25.4 bn on December 23 .
In less than one week, the reserves rose by almost $ 300m from $ 25.084 bn on December 16,2016 to $ 25.361 on December 22.

However , currency and economic experts are not sure if the tiny upticks in the external reserves ’ level are sustainable amid a falling naira and acute shortage of dollar in the foreign exchange markets and the economy .

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