The external reserves have appreciated by about $10.5billion in the year 2017, according to the figures by the Central Bank of Nigeria.
The nation’s reserves was at $26,094,171,362 at the begin of the year, January 2nd , 2017 but close as at December 31st , 2017 at $38,730,963,337.
The depletion of the reserves was among the reasons for the economic recession witnessed in 2016 when it falls below $26 billion. The appreciation in the reserves was due to the increase in the foreign exchange inflows through the CBN as a result of the aapreaciation of the crude oil prices at the international market.
The external reserves stood at $25.361bn on December 22, 2016 a decrease of about $4 billion compared to $29.341bn as of December 22, 2015.
Meanwhile, Oil continued its revival from the biggest crash in a generation, the commodity end the 2017 at $66.87 a barrel of brent crude, one of the most referenced grade in the world.
Futures are up more than 12 percent in 2017, having entered a bull market in September. In 2018, investors will watch whether rising prices trigger a new flood of U.S. output, Bloomberg said.
