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Again, Foreign Reserves Hit $30b

By Modupe Gbadeyanka

For the second time since President Muhammadu Buhari assumed office on May 29, 2015, the country foreign reserves have hit the $30 billion mark.

The last time the reserves crossed the $30 billion mark was in July 2015, and went as high as $31.63 billion in August of the same year before it began to decline.

According to latest data from the Central Bank of Nigeria (CBN, the reserves closed the trading week above $30 billion.

It has been observed keenly that since January 5, 2017, the reserves have experienced a steady day-on-day increase of between 2.30 and 2.75 percent.

Since February 2017, the CBN has been providing foreign exchange to banks to meet the tuition, travel and medical needs of customers, thereby reducing the pressure on the Naira.

The reserves were badly affected by low crude oil prices across the world, which reduced the availability of foreign exchange and in turn, put pressure on the local currency.

The rising reserves may be attributed to oil prices, which have soared as a result of agreed production cuts between OPEC and non-OPEC members.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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