External reserves rise by 20% in three months

According to the latest data from the Central Bank of Nigeria, the nation’s external reserves have risen by $4.7bn or 20 per cent in the past three months.

Statistics on the CBN website revealed that the foreign exchange reserves increased from $24bn on November 9, 2016 to $28.7bn on February 9, 2017.

The data also showed that within two months, the reserves increased by $3.8bn or 15.3 per cent from $24.9bn recorded on December 9, 2016 to $28.7bn on February 9, 2017.

In the same vein, the reserves have increased by $2.9bn or 11.2 per cent since the beginning of this year till date. Specifically, the external reserves rose from $25.8bn on December 30, 2016 to $8.7bn recorded on February 9, 2017.

The nation’s external reserves had risen by 15 per cent in three months, the CBN data showed in late January.

THEO

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