Foreign Exchange Reserves Hit $31.8bn â€' CBN

Updated Monday 4 September 2017 12:58

The CBN had disclosed that reserves appreciated by $554.7 million or 1.8 per cent in July when it closed July at $30.8 billion from $30.29 billion it opened the month under review.

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The $30.8 billion foreign reserve reordered by CBN was the highest since May 12, 2017, as global oil prices stabilized and inflow from International Money Transfer Operations continued to increase.

Statistics on the CBN website revealed that the foreign exchange reserves increased by 17.2per cent to $30.29 billion on March 30, 2016 from $25.84 billion it opened this year.

Specifically, the foreign reserves for the first time in 2017 hit $30 billion on March 8, and hovering around $29 billion and $28 billion in February.

While OPEC price basket of 14 crudes had closed at $50.04 a barrel in March, finance analysts said the steady increase in global oil prices has positively impacted on CBN’s weekly intervention and foreign reserves.

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