Nigeria’s foreign exchange (forex) reserves have increased to $27.223 billion as at January 16, 2017, according to latest figures on the Central Bank of Nigeria’s (CBN) website.
The growth in the reserves, derived majorly from the proceeds of crude oil sales represented an increase by $1.380 billion or 5.3 per cent in the last 17 days, compared with the $25.843 billion that it was as at December 30, 2015.
It was also indicative that the drop in militancy in the Niger Delta and rising oil exports led to the accretion in the forex reserves.
Oil prices settled up on Monday, as Saudi Arabia’s commitments to reducing production offset a report forecasting U.S. output would again rise this year.
Benchmark Brent crude oil LCOc1 was up 41 cents a barrel, or 0.7 percent, at $55.86 and U.S. West Texas Intermediate crude rose 27 cents, or 0.5 percent, to $52.64 a barrel, on Monday.
With the oil market entering 2017 with prices above $50 per barrel, analysts are optimistic about high prices this year.