Nigeria’s external reserves rise by 109 million dollars

Oge Imperial

Nigeria’s external reserves have continued to rise, growing by 109.66 million dollars or 0.36 per cent in the first 12 days of April.

The external reserves which was at $30.307 billion dollars as at the beginning of the month had risen to 30.416 billion dollars as at April 12. 2017.

This is according to the latest data by the Central Bank of Nigeria.

The external reserves have since the beginning of the year accrued $4.322 billion, an increase of 16.6 per cent when compared to $26.094 billion which it was at the beginning of the year.

In  a media interview, Head of the Banking and Finance Department at the Abia State University of Agriculture, Professor Sebastian Uremadu noted that the rise was a good omen for the nation’s economy.

Professor Uremadu said the continuous rise of the foreign reserves will boost economic growth, attract foreign investors and pull the Country out of recession.

He added that the liquidity in foreign exchange market, the relative peace  in the oil rich Niger Delta region as well as the rise in Nigeria’s export earnings are some of the factors that have influenced the steady rise of the reserves.

Ime N