Nigeria’s foreign reserves gains $1.3bn on crude sales

The reserves grew by $1.29 billion in two months.

The Central Bank of Nigeria says Nigeria’s Foreign Exchange Reserves rose from $34.94 billion in November 2020 to $36.23 billion as at January 21.

The CBN Governor, Godwin Emefiele, said at the January Monetary Policy Committee meeting of the bank, on Tuesday, that improvement in crude oil prices contributed to the increase.

“The MPC noted the increase in the level of external reserves, which stood at 36.23 billion dollars as at 21st January, 2021 compared with 34.94 billion dollars at the end of November 2020,” he said.

“This reflected improvements in crude oil prices, partial global economic recovery amid optimism over the discovery and distributions of COVID-19 vaccines by most developed economies,’’ he said.

By Agency Report.

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