Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Foreign reserves reach $31.22bn, first time in 2 years

    Foreign reserves reach $31.22bn, first time in 2 years

    August 11, 2017
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Central Bank of Nigeria, CBN, Central Business district, Garki, Abuja.

    Oscarline Onwuemenyi

    11 August 2017, Sweetcrude, Abuja – Nigeria’s foreign exchange reserves rose to $31.22 billion, data from the Central Bank of Nigeria, CBN, have shown.

    According to the data obtained from the apex bank, the increase represents the first in about 2 years.

    The nation’s reserves have been affected by the ripple effects of the economic challenges being faced by Africa’s largest economy, including low oil prices, crumbling naira value and high foreign exchange demands.

    The last time the reserves peaked at such level was July 2015, shortly after President Muhammadu Buhari took office.

    The CBN data indicated appreciation in reserves in the midst of forex intervention put in place to the various exchange markets by the bank.

    The CBN is believed to have injected a cumulative sum of $3.61 billion between February and April 2017.

    The funds inject into the foreign exchange market is to ensure help maintain the value of the naira.

    Since the injection of the funds, the naira has remained relatively stable, hovering at about N363 to dollar.

    Related News

    Nigeria rallies economic team to counter US 14% tariff threat

    Nigeria targets 12Bcf gas output, eyes top 10 global ranking by 2030

    Nigeria launches trade intelligence tool, air cargo corridor to boost AfCFTA exports

    E-book
    Resilience Exhibition

    Latest News

    OPEC+ drives crude oil prices up again

    May 28, 2025

    OPEC+ adopts plan for 2027 baselines ahead of July output hike talks

    May 28, 2025

    Gold prices rise amid fiscal and geopolitical risks

    May 28, 2025

    Verdagy’s hydrogen to power Mainspring Energy’s linear generators

    May 28, 2025

    Nigeria rallies economic team to counter US 14% tariff threat

    May 28, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.