Foreign exchange reserves rose to a
25-month high of $38.62bn by August 29, and were 5.81 per cent up on the
previous month, driven by rising crude exports.
The Nigerian National Petroleum
Corporation said about 85 per cent of increase in reserves was from
crude oil. Nigeria’s crude oil production hit a record high of 2.7
million barrels per day on August 1.
The forex reserves stood at $36.5bn on
same date last month and at N37.18bn on August 25 last year, the closest
available comparable figure.
Reserves had risen by 5.71 per cent month-on-month to $38.51bn at August 28, 2012, from $36.43bn recorded a month earlier.
It showed that forex reserves rose to a
two-year high of $38.51bn. The reserves have not been as high as this
since August 10, 2010 when they stood at $38.59bn.Forex reserves had
fallen by 1.4 per cent month-on-month to $36.40bn at July 25, from
$36.93bn recorded a month earlier.
The $53m decline, according to analysts
was attributed to falling oil prices and strong dollar demand.The
reserves had plunged in the month of June, dropping by $1bn to $36.768bn
on June 28, from $37.768bn it stood on June 6, 2012.
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