Nigeria’s foreign
reserves have taken a second unusual turn in five months, rising for the
third time since President Muhammadu Buhari assumed office. According to
figures from the Central Bank of Nigeria (CBN), the reserves rose by about
$2.8 million between Tuesday and Wednesday.
The reserves, which were down to a
record low of $27.993 billion on February 5, 2016, fell further to a new
11-year low of $27.801 billion on Tuesday, only to rise to $27.804 billion the
following day.
The reserves ended 2015 at $29,069,779,152 and opened in 2016 at
$28,978,207,412, losing approximately $92 million in the first trading day of
2016.
At about the same time in February 2015, the foreign reserves stood at
$31.779 billion – $4bn more than it was on Wednesday.
The reserves fared better
for the first time under Buhari, when it rose by $350 million to $31.43 billion
as at August 27, 2015 – the biggest leap since power changed hands.
Since
August, the reserves only rose by $13 million on Monday and $2.8 million on
Wednesday.
The management of the Nigerian reserves has come under fierce
criticism, following the foreign exchange restrictions imposed by the CBN, as
backed by the federal government.
Source: The Cable
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