MAY 17, 2018: NIGERIAN FOREIGN RESERVE RECOVERS.

According to latest figures obtained from the website of the Central Bank of Nigeria, the foreign reserves of Nigeria has recovered slightly on Thursday May 17 2018 after two days heading down.

Henates had exclusively reported in a previous post that for the first time in months, the reserves dropped by 0.013% to $47.787bn on Tuesday May 15.

This was rather shocking because the main source of foreign earnings, crude oil, was doing rather well at the world market as prices hit new highs due to the unfolding crises in the Middle East.

Now understand that it dropped further by 0.006% or $0.003bn on Wednesday, May 16, 2018.

It was from this new months-old low that by May 17, 2018 it closed at $47.793bn, up $0.009bn or 0.02%. Of this amount, 1.53% or $729.95m was blocked and not readily available for trade obligations settlement.

The blocked portion had increased by $0.55m when compared to May 16 position and indeed, the May 17 reserve level was back exactly to what it was on May 14 before the dip began.

It is yet clear though what led to the two day decline especially since diaspora remittances must still be flowing and can not be expected to have slowed down to levels below 2017 heartwarming and supportive average along side still rising crude oil prices.

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