Checks on the Central Bank of Nigeria’s website have revealed that the nation’s foreign reserves reached U.S.$30.5 billion last week as a result of increased global oil prices, Leadership reports.
Data from Organization of Petroleum Exporting Countries (OPEC) revealed that basket of 14 crudes stood at $47.48 per barrel last week from $45.21 a barrel it opened in July. Experts said world economic growth in 2018 is forecast at 3.4 per cent, the same level of growth forecast for 2017.
According to the report, Nigeria’s crude oil production had been stuck on 1.8 million barrel per day and has now recorded an additional 200,000 barrels per day. In June, the foreign reserves dropped by $41 million or 0.13 per cent to $30.29 billion when it opened in June to close at $30.33 billion.
Analysts had attributed the steady fall in the foreign reserves to CBN’s aggressive interventions in the foreign exchange market aimed at boosting naira and stabilizing the exchange rate.