Five days ago, the reserves stood at $25.6bn, down from $26.21bn on July 28.
Reacting, Head of Research and Investment Advisory at SCM Capital Limited, Mr. Sewa Wusu, said several factors could cause the increase.
“The increase in international crude oil prices penultimate week on the heels of production freeze expectations from OPEC may have raised the external reserves position. Although we are currently witnessing production cut due to the militants’ vandalism, the lag effect of this crude price increases may have raised the reserves.”
He said another major factor that could have brought about the increase in external reserves was foreign investment.
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No matter what people say and think, I know that this government will deliver on their promises. It's unfortunate that the last government and it's members have sworn that Nigeria will not progress, Ndi Ojoo. We will move forward
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ReplyDeleteBlind man, what has last administration got to do with this?
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