Nigeria’s External Reserves Increase By 15%

Statistics from the Central Bank have shown that Nigeria’s Foreign Exchange reserves rose by 15 per cent in the fourth quarter of 2016.

The reserves which now tops 27.4 billion dollars as at January 19, increased by 3.6 billion dollars from 23.8 billion dollars on October 19.

The report also indicates a 1.6 billion dollars increase in the first 19 days of the year, estimated at 6.2 per cent.

Analysts consensus, however show that the current increases in the reserves may be unsustainable owing to the fall in Naira value and the shortage of dollar supply.