BEVERLY HILLS, February 11, (THEWILL) – Nigeria’s foreign reserves has hit $41bn 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 Godwin Emefiele, Governor of the bank continues to help stabilize the economy, conserve forex and encourage local consumption.
The reserves as at February 8, 2018 stood at $41,092,672,948 up from $40,685,233,207 as at January 31, 2018.
If the price of crude holds at current levels and Nigeria does not witness disruptions in production, reserves are projected to reach $50bn by the end of the year, a top economist at the bank told THEWILL anonymously on Sunday.
Crude oil closed the week down averaging around $63 per barrel.