Foreign reserves hit $30 billion | News Express Nigeria

Foreign reserves hit $30 billion

News Express |13th Mar 2017 | 2,517

Foreign reserves hit $30 billion

CBN Headquarters

Foreign reserves hit $30 billion

CBN Headquarters

For the second time since President Muhammadu Buhari assumed office in May 2015, Nigeria’s foreign reserves have hit the 30 billion dollar mark.

The latest figures from the nation’s apex bank (CBN) show that the reserves which have experienced a steady day-on-day increase of between 2.30 and 2.75 % since January 5, 2017, closed the trading week above 30 billion dollars.

The last time the reserves crossed the 30 billion dollar mark was in July 2015, and went as high as 31.63 billion dollar in August of the same year before it began to decline.

The reserves were affected by low crude oil prices across the world, which reduced the availability of foreign exchange and in turn, put pressure on the Naira.

The rising reserves may be attributed to oil prices, which have soared as a result of agreed production cuts between OPEC and non-OPEC members.

Since February 2017, the Central Bank of Nigeria (CBN) has been providing foreign exchange to banks to meet the tuition, travel and medical needs of customers, thereby reducing the pressure on the Naira. (Channels TV)

Comments

Post Comment

You may also like...

Nigeria needs state police for better security response — Kalu

Nigeria needs state police for better security response — Kalu

Reps panel moves to grant statistics bureau financial autonomy

Reps panel moves to grant statistics bureau financial autonomy

Iwobi’s brilliance earns Fulham maximum points in London derby

Iwobi’s brilliance earns Fulham maximum points in London derby

Why I will never return to BBNaija show — Seyi Awolowo

Why I will never return to BBNaija show — Seyi Awolowo

Nigerian airlines spent $180bn in 2024 on aircraft maintenance, spare parts — Onyema, Air Peace CEO

Nigerian airlines spent $180bn in 2024 on aircraft maintenance, spare parts — Onyema, Air Peace CEO

Kano renames ministry to dignify people with special needs

Kano renames ministry to dignify people with special needs

You're a pillar of love, and strength — Akpabio eulogises First Lady Remi Tinubu

You're a pillar of love, and strength — Akpabio eulogises First Lady Remi Tinubu

Suspected herdsmen, bandits ambush police operatives in Benue, kill officers, vigilantes

Suspected herdsmen, bandits ambush police operatives in Benue, kill officers, vigilantes

Jigida queen cries out over alleged unlawful eviction from family house

Jigida queen cries out over alleged unlawful eviction from family house

Heightened security as Americans gather for Kirk memorial

Heightened security as Americans gather for Kirk memorial

Why 16 of our members dumped Tinubu, APC — CPC state chairmen

Why 16 of our members dumped Tinubu, APC — CPC state chairmen

Sowore hits back at Wike, alleges minister threatened INEC official in resurfaced audio

Sowore hits back at Wike, alleges minister threatened INEC official in resurfaced audio

10 drown in canoe mishap in Sokoto

10 drown in canoe mishap in Sokoto

Lagos school clears the air on viral video of students smoking, drinking

Lagos school clears the air on viral video of students smoking, drinking

Afriland publishes detailed FAQs on Towers fire incident

Afriland publishes detailed FAQs on Towers fire incident

Wike’s aide tackles Sowore over alleged assassination plot

Wike’s aide tackles Sowore over alleged assassination plot

FG probes mysterious flesh-eating disease after 7 deaths in Adamawa

FG probes mysterious flesh-eating disease after 7 deaths in Adamawa

FG threatens to revoke Abuja-Lokoja road contract if not fast-tracked

FG threatens to revoke Abuja-Lokoja road contract if not fast-tracked

PDP rejects Edo LG by-election

PDP rejects Edo LG by-election

DHQ probes ordnance explosion at DICON factory in Kaduna

DHQ probes ordnance explosion at DICON factory in Kaduna

EDSIEC ignores court order, conducts by-election in 59 wards

EDSIEC ignores court order, conducts by-election in 59 wards

Shettima leads Nigeria's delegation to 80th UN General Assembly in New York

Shettima leads Nigeria's delegation to 80th UN General Assembly in New York

Admission: Ekiti parents write minister, seek reversal of age restriction policy

Admission: Ekiti parents write minister, seek reversal of age restriction policy

World Cleanup Day: Lagos students lead ‘largest cleanup’

World Cleanup Day: Lagos students lead ‘largest cleanup’

Tinubu, dignitaries to attend installation of Ladoja as 44th Olubadan

Tinubu, dignitaries to attend installation of Ladoja as 44th Olubadan

Banditry, kidnappings in Kwara fueled by illegal mining — Group

Banditry, kidnappings in Kwara fueled by illegal mining — Group

Sunday, September 21, 2025 8:29 AM

ADVERTISEMENT

Follow us on

GOCOP Accredited Member

GOCOP Accredited member

NEWS EXPRESS is Nigeria’s leading online newspaper. Published by Africa’s international award-winning journalist, Mr. Isaac Umunna, NEWS EXPRESS is Nigeria’s first truly professional online daily newspaper. It is published from Lagos, Nigeria’s economic and media hub, and has a provision for occasional special print editions. Thanks to our vast network of sources and dedicated team of professional journalists and contributors spread across Nigeria and overseas, NEWS EXPRESS has become synonymous with newsbreaks and exclusive stories from around the world.

Quick Links

Categories

Business Politics Entertainment Opinion Sports International News Maggie's Blog ICT Monitor News and Events

Contact

Adetoun Close, Off College Road, Ogba, Ikeja, Lagos State.

+234(0)8098020976, 07013416146, 08066020976

info@newsexpressngr.com

Find us on

Copyright NewsExpress Nigeria 2025

Terms of service

Developed by Just Web Services