The Central Bank of Nigeria (CBN) has said external reserves gained $58 million to $30.23 billion as at March 14, 2017. The latest data by CBN disclosed that nation’s foreign reserve has been hovering between $29 billion and $30 billion in March.
This is just as the gap between the interbank market and parallel market end of the foreign exchange market continued to widen. Despite the recent decline in global oil prices, the external reserves continued to increase in March from $29.6 billion it opened in to $30.23 billion as at March 14, 2017.
Organization of Petroleum Exporting Countries (OPEC) reference basket price moderated lower by 8.9 per cent to $48.63 per barrel as at March 14, 2017 from $53.40 it opened this month.
The apex banking regulatory body yet to provide reasons for the recent rise in foreign reserves as experts attributed the recent rise to steady increase in global oil prices, among other factors. Foreign Exchange Reserves has gained $439 million in 2017 from $25.84 billion it opened in 2017 to $30.23 billion it closed on yesterday.