Nigeria’s foreign reserves are on the rise again, as the Central bank of Nigeria (CBN) confirmed on Thursday that the Nigerian crude, bonny light, is trading at $39.07 per barrel.
The current selling price, which is above the 2016 budget benchmark of $38 per barrel of crude by $1, is also the highest point for Bonny Light in 2016.
According to the latest figures from the central bank, the reserves rose to $27.88 billion following a nine-day rising streak from $27.82 billion at the beginning of the month.
The reserves had a four-day rise in February, the very first of such, since President Muhammadu Buhari took office in May 2015.
The current selling price, which is above the 2016 budget benchmark of $38 per barrel of crude by $1, is also the highest point for Bonny Light in 2016.
According to the latest figures from the central bank, the reserves rose to $27.88 billion following a nine-day rising streak from $27.82 billion at the beginning of the month.
The reserves had a four-day rise in February, the very first of such, since President Muhammadu Buhari took office in May 2015.