Nigeria’s forex reserves have increased further, this time to 27.82 billion dollars as at January 25.
According to data from the Central Bank, the reserves grew from 27.76 billion dollars on January 24 and 27.4 on January 23.
This means that the reserves have increased by 3.1 billion dollars within the first three weeks of 2017.
Economic analysts attribute the increase to a rise in oil prices and production output as well as slowdown in foreign exchange allocation by the CBN.
It will be recalled that the reserves had risen to $26.968bn on January 13 from $26.765bn on January 11, having hit $26.658bn and $26.552bn on January and 10 and January 11, respectively.
Within the space of 11 days, the reserves rose by $1bn, increasing from $26.3bn on January 6 to $27.3bn on January 17, the central bank statistics revealed.
Similarly, the foreign exchange reserves jumped from $25.3bn on December 22, 2016 to $27.3bn on January 17.
Within the space of three days, the reserves rose by $300m from $26.2bn on January 6 to $26.5bn on January 9.
Between December 30, 2016 and January 12, 2017, the foreign exchange reserves rose from $25.8bn to $26.8bn, indicating an accretion of $1bn in two weeks, the CBN data showed.