TheCable

Nigeria’s foreign reserves have risen more in the first 23 days of 2017, than in all of the 365 days of 2016, TheCable can report.

In 2016, the reserves opened at $29,069,779,152 and ended the year at $25,843,598,926, declining by 11.1 percent.

For 2017 however, the reserves have gone from $26,094,171,362 as of January 3 to $27,888,503,123 on January 26, appreciating by 6.9 percent in 23 days.

Speaking at the end of the first monetary policy committee (MPC) meeting of the year, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), said despite the development, the apex bank will be prudent with its reserves.

“The fact that we began to see some accruation to reserves does not mean that we have to be reckless,” he said.

“We would continue the policy of ensuring that foreign exchange is available to those who are importing raw materials, who are importing plants and equipment, who are supporting the agricultural sector.”

The rise in foreign reserves is due to an increase in oil prices, and relatively stable production levels in the Niger Delta.

Despite the rise, naira has remained at 498 per dollar at the parallel market, while also trading around 305 to the greenback at the official side of the market.