Nigeria Update: Reserves inch closer to $47b on stable oil price

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Nigeria Update: Reserves inch closer to $47b on stable oil price

The positive development in international price of crude oil and the producers’ cut agreement have continued to strengthen Nigeria’s external reserves buffer and supporting the currency defense of the Central Bank of Nigeria (CBN).

The commodity has now recorded improved global demand on the back of optimistic growth outlook and sustained by the production cut deal of the Organisation of Petroleum Exporting Countries (OPEC), as well as Saudi Arabia’s vow to cut more oil output.

Last week, Nigeria premium crude, gained Brent Crude gained 7.5 per cent week-on-week to close at $72.28 per barrel and the development overtime has sustained the recent momentum of reserves’ accretion, with the gross level reported at $46.8 billion as at April 9.

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