Nigeria’s foreign reserves have taken a second unusual turn in five months, rising for the third time since President Muhammadu Buhari assumed office.
According to figures from the Central Bank of Nigeria (CBN), the reserves rose by about $2.8 million between Tuesday and Wednesday.
The reserves, which were down to a record low of $27.993 billion on February 5, 2016, fell further to a new 11-year low of $27.801 billion on Tuesday, only to rise to $27.804 billion the following day.
The reserves ended 2015 at $29,069,779,152 and opened in 2016 at $28,978,207,412, losing approximately $92 million in the first trading day of 2016.
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At about the same time in February 2015, the foreign reserves stood at $31.779 billion – $4bn more than it was on Wednesday.
The reserves fared better for the first time under Buhari, when it rose by $350 million to $31.43 billion as at August 27, 2015 – the biggest leap since power changed hands.
Since August, the reserves only rose by $13 million on Monday, and $2.8 million on Wednesday.
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The management of the Nigerian reserves has come under fierce criticism, following the foreign exchange restrictions imposed by the CBN, as backed by the federal government.
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