Nigeria’s external reserve on Thursday gained $1.79 million to close at $34.977 billion which makes it the highest external reserve position recorded in over four weeks.
This figure indicates a 0.01% increase as compared to $34.975 billion recorded on Thursday 1st April 2021.
It also means an increase in the country’s external reserve position for the 12th consecutive day, having endured a significant downturn in the early parts of the year.
This record shows that Nigeria’s reserve has added a total of $560.5 million in 12 days.
Reports say this recent increase in Nigeria’s external reserve could be attributed to the increase in crude oil prices recorded earlier in March before the recent bearish trade in the crude market.
It could also be attributed to the possible increase in diaspora remittance as the CBN offers incentives for every unit of dollar received in Nigeria from diaspora remittance.