Business

Nigeria’s foreign reserve hits $41bn

Published

8 years ago

February 12, 2018

The Government of Nigeria has continued to save while majority citizens suffer hunger and starvation from the malfunctioning economy where unemployment and rising prices remain unabated.

Meanwhile, Nigeria’s foreign reserve is being revealed to have risen to $41 billion. The report on the Central Bank of Nigeria’s website indicate that the rise was derived from rise in the price of crude oil in the international market and increased export.

The report shows that the reserves as at February 8, 2018 stood at $41,092,672,948 up from $40,685,233,207 as at January 31, 2018.

It was observed that if the price of crude holds at current levels and Nigeria does not witness disruptions in production, reserves are projected to reach $50 billion by the end of the year.

Crude oil sold in the international market at the close of last week at $63 per barrel.

It was further remarked that this is the highest Nigeria’s foreign reserve has reached in about 40 months. The success was attributed to strategies adopted by Godwin Emefiele, CBN Governor, which continues to help stabilize the economy, conserve forex and encourage local consumption.

Meanwhile, the economic woes in the country have not yet abated, as hopelessness and despondency persist, increasing the level of frustrations among Nigerian citizens. The petrol scarcity is yet to subside.