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External Reserves Rise by $1bn in Three Days ( 8-05-2011 to 10-05 -2011), surprises in Nigeria!!
External Reserves Rise by $1bn in Three Days (11 May 2011) The rise in crude oil prices at the international market on Monday has impacted positively on Nigeria’s external reserves, which increased significantly by $1.093 billion within only three days, the reserves advanced by 3.35 per cent to $33.722 billion on Monday, from the $32.629 billion it stood last Thursday. The external reserves stood at $33.5 billion as at April, as against the $33.2 billion it recorded at the end of March after it rose to $36.4 billion by mid March. The reserves had grown by $3.1 billion in March. Foreign exchange dealers attributed the increase in the reserves to reduced pressure for dollars at the wholesale Dutch auction system (WDAS) since this month as well as soaring international oil prices. Oil price had risen by over four per cent on Monday (8-05-2011) as it gained 35 per cent from its figure a year ago after it dropped 15 per cent in the previous week in a biggest weekly loss since 2008. Reports...
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