Oscarline Onwuemenyi
05 July 2017, Sweetcrude, Abuja – The first half of the year saw Nigeria’s external reserves peaked at $30.27 billion, indicating a rise by 16% from the January figure of $26.27 billion.
Data from the website of the Central Bank of Nigeria (CBN) shows that nearly $6 billion was sold in the foreign exchange market during the period.
The Director, Banking Supervision, CBN, Ahmed Abdulahi, said the nation’s reserves are adequate to sustain its interventions despite a recent decline in oil price.
The price of oil, the major foreign exchange earner of the country has in recent times fallen, dropping to $47 per barrel.
The external reserve has risen by $4.2 billion since the beginning of 2017, and by $6.2 billion since October 19th, 2016 when it commenced its upward trend.
The nation’s dollar reserves have increased by 15.02 percent since the start of the year but were nowhere near the $64 billion hit in August 2008.
At the Investors and Exporters window, the naira traded at N366 to the dollar having firmed at N340 last week.
