Nigeria’s External Reserves Soar By $12.180bn In 2017, Now $38.02bn

CBN

Lagos  – The month of December seems to be an important month in Nigeria’s external reserves’ accretion in 2017 as they recorded one of its most significant jumps, when it soared by a princely $3.078 billion or 8.80 per cent.

The country’s external reserves stood at $38.023 billion as at December 28, 2017 from $34.945 billion at the end of November 2017, according to data available on the website of the Central Bank of Nigeria (CBN) on Friday.

Month-on-Month, the nation’s reserves level soared by $3.35bn or 9.66 per cent from $34.673 billion on November 28, 2017; while Year-to-Date (YTD), they rose $12.180 billion or 47.13 per cent from $25.843 billion on December 31, 2016.

Year-on-Year, Nigeria’s reserves level jumped $12.47bn or 49.27% from $25.309bn on December 21, 2016.

Data gleaned from the CBN’s website, month-on-month showed that the last time the nation’s reserves rose higher was in February, when it stood at $29.646 billion on February 28, 2017, after climbing by $3.803 billion or 14.72 per cent from $25.843 billion at the end of January.

Research by INDEPENDENT  also note that the reserves growth slowed down in March and was flat in the following month, before dropping in May and June, first to $30.329 billion from $30.864 billion in the preceding month; and then $30.288 billion in June.

Growth thereafter, commenced slowly between July and November, before attaining its new peak, which according to Mrs. Patience Oniha, Director-General of Nigeria’s Debt Management Office (DMO), may have resulted from sources besides the regular inflow of funds from portfolio investments and earnings from crude oil and other non-oil export proceeds, which are warehoused by the CBN.

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Author: Bamidele Ogunwusi