Although the Central Bank of Nigeria has been consistent in its supply of dollars at the foreign exchange market at both the interbank and bureau de change end of the markets, the external reserves of the country has continued to rise, growing by one hundred and nine-point-six million dollars or zero-point-three-six per cent in the first twelve days of April.
The external reserves which was at thirty-point-three billion dollars as at the beginning of the month had risen to thirty-point-four billion dollars as at April twelfth according to the latest data provided by the Central Bank of Nigeria on its website.
The external reserves has since the beginning of the year accrued four-point-three billion dollars, an increase of sixteen-point-six per cent when compared to twenty-six billion dollars which it was at the beginning of the year.
Dollar deposit of the country has been on the rise since last year as oil prices at the global market which had dropped to less than forty dollars per barrel has improved and remained in the borders of fifty dollars to fifty-five dollars per barrel.
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