External Reserves Climb Further, Now $34.985bn

Nigeria’s external reserves which have been on the upswing since this year extended its rally further to $34.985 billion as at February 9. Data obtained from the Central Bank of Nigeria (CBN) on Monday, has shown that the reserves improved further by $267 million; compared with the $34.718 billion it attained on February 2. The reserves derived mainly from the proceeds of crude oil production, had recorded a total growth of $1.803 billion in the first five weeks of the year to February 2.

Financial market experts once more, attributed the accretion in the forex reserves to the steady rise in oil prices in the international market since this year as well as the moderate demand for forex at the CBN’s official forex market – the Wholesale Dutch Auction System (WDAS).



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