Nigeria’s foreign exchange reserves, according to data from the Central Bank of Nigeria, have increased by $595m to hit a one-month high of $26.196bn, in the last 5 days.
Five days ago, the reserves stood at $25.6bn, down from $26.21bn on July 28.
Reacting, Head of Research and Investment Advisory at SCM Capital Limited, Mr. Sewa Wusu, said several factors could cause the increase.
“The increase in international crude oil prices penultimate week on the heels of production freeze expectations from OPEC may have raised the external reserves position. Although we are currently witnessing production cut due to the militants’ vandalism, the lag effect of this crude price increases may have raised the reserves.”
He said another major factor that could have brought about the increase in external reserves was foreign investment.
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