Nigeria’s External Reserves rise to $29bn

Nigeria’s foreign reserves stock on Thursday rose to $29.00 billion following oil price increase and relative stability in the Niger Delta. The price of Brent crude as at February 16, 2017 stood at $55.99 per barrel.
This development affirms projections by analysts that the external reserves could hit $30 billion in March 2017.
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN) had in January at the first Monetary Policy Committee (MPC) meeting in 2017 said that rising oil prices had seen foreign exchange reserves inflows through the CBN rise by over 82 percent helping push the external reserves to a current high of $28.9 billion in January.
The nation’s reserves recorded its highest level in the last three years on May 2, 2013 rising to $48.9 billion when the price of crude oil (petroleum) was $103.03 per barrel.