By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: Nigeria’s Foreign Reserve Records 10-Month High at $27.4bn
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Nigeria’s Foreign Reserve Records 10-Month High at $27.4bn

Farouk Mohammed
By Farouk Mohammed
Published: February 1, 2017
Share
2 Min Read
SHARE

HIGHLIGHT

 

Contents
HIGHLIGHTAdeosun  /  Emefiele

Good News for Nigeria as Foreign Reserve recorded a 10-month high with 18.2 per cent increase since its recent uptrend, standing at $27.4 billion.

Adeosun  and  Emefiele Adeosun  /  Emefiele

Nigeria’s foreign reserve has recorded a 10-month high with 18.2 per cent increase since its recent uptrend, standing at $27.4 billion according to the latest figures from the Central Bank of Nigeria, CBN, for January 2017.

The uptrend which began October 20, 2016 had persisted with minor pullbacks recorded on November 1, 2016 and December 14, 2016, reversing the over one-year persistent decline which bottomed out at $23.2bn on October 19, 2016.

In the 12 weeks upward trend, the reserve added $4.2 billion as against $8.6 billion it had lost since President Muhammadu Buhari came into power in 2015.

- Advertisement -

The latest figure of the reserve is also on 10 months high over the last one year while indications are that accretion would continue on the back of improved oil revenue.

The month-on-month trend shows an increasing tempo in the month of January 2017 when it garnered $2.002 billion, a huge 7.9 per cent rise. December 2016 accretion was $1.025 billion, about 4.2 per cent rise while November recorded accretion of $840 million, about 3.6 per cent rise.

The uptrend was largely as a result of the rises in the international oil price (Nigeria’s major foreign exchange earner) in the recent month especially in January when it settled above $55 per barrel, as against last year’s average of $43 and 2015 average of $38.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Foreign ReserveNigeria
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Sport Minister, Solomon Dalung Announces Wife’s Burial Arrangement
Next Article Fire Guts Popular Balogun Market In Lagos

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 5 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

VIDEO: NDLEA Uncovers Psychoactive Drugs Hidden in Green Tea Shipment
Crime Video
Trump-Musk Rift Deepens as President Threatens Serious Consequences Over Political Funding
International
NIN Registration for Inmates Yet to Begin in 256 Correctional Centres, Report Reveals
News
Anambra, Osun Polls: APC Faces Internal Strife as Soludo and Adeleke Engage President Tinubu Amid Election Tensions
Politics Top stories
Pastor Adeboye
Pastor Adeboye Shares Divine Directive: Leaving RCCG Could Lead to Tragic Loss
News
- Advertisement -
Ad imageAd image

You May Also Like

News

Anglican Bishop of Lafia Calls on President Tinubu to Address Root Causes of Nigeria’s Insecurity and Economic Woes

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

Egbe Bobakeye Okunrin Akile Ijebu Refutes False Claims About Queen Elizabeth II’s 1956 Visit

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
News

NRC Managing Director Warns Against Railway Vandalism: “We Don’t Have Scraps, We Have National Assets”

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?