Nigeria’s foreign reserve has hit $41billion supported by increased export and rise in the price of crude oil, according to data on the Central Bank of Nigeria’s website.
This is the highest it has reached in about 40 months as strategies deployed by the apex bank continue to help stabilize the economy, conserve forex and encourage local consumption.
The reserve as of February 8, 2018 stood at $41,092,672,948 up from $40,685,233,207 as of January 31, 2018.
If the price of crude holds at current levels and Nigeria does not witness disruptions in production, the reserve is projected to reach $50billion by the end of the year, THEWILL quoted an anonymous economist in the bank.
Crude oil closed the week down averaging around $63 per barrel.