NIGERIA’S foreign reserve gained $566.45 million on Monday, 18th October 2021 to close at $40.39 billion compared to $39.82 billion recorded the previous day.
The latest data from the National Bureau of Statistics (NBS) represents a 1.42% increase in the country’s foreign reserve.
According to the NBS, the nation’s foreign reserve has gained $3.6 billion so far in October, higher than the $2.76 billion gain recorded in the month of September 2021, while the recent increase puts the year-to-date gain at $5.01 billion.
Nigeria’s foreign reserve position has now crossed the $40 billion mark, indicating more firepower to meet up with pent-up obligations as a result of the Covid-19 lockdown in the previous year.
It was noted that the positive movement in the country’s foreign reserve came on the back of the $4 billion raised through Eurobond and the bullish trend in the global crude oil market.
