Nigeria’s external reserves improve on rising oil price

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Nigeria’s external reserves which had declined to $23.896 billion in October last year has continued to rise especially as the price of crude oil at the international market sustains its northward move, Leadership reports.

Global oil prices had begun to rise following the output cut agreement by the Organization of Petroleum Exporting Countries (OPEC).

The price of oil which had declined to around $35 per barrel has since climbed steadily to $58 per barrel. This had reflected on Nigeria’s reserves which has grown by 9.7 per cent compared to its 2016 low of $23.89 billion last year October.

According to latest data released by the Central Bank of Nigeria (CBN), it showed that the 30-day moving average of the reserves as at January 5, 2017 stood at $26.218 billion.