Propelled by the twin advantages of steady crude oil price at the international markets and a steady production output amidst the peace pervading Nigeria’s oil rich Niger Delta region, the nation’s external reserves gained a robust $2.039bn month-on-month.
According to the latest data available on the Central Bank of Nigeria (CBN) website on Wednesday evening, the nation’s external reserves stood at $44.702bn, from $42.663bn recorded on March 8, 2019, representing a 4.78% in the one month period.
Month-to-date, the figure inched from $44.428bn at the end of March, representing a $274.305m, or 0.61% in the period; just as on a year-to-date basis, the country’s reserve improved by $1.585bn, or 3.68%.
Year-on-year, the reserves level was lower than the $46.753bn reported on April 9, 2018, by $2.325bn or 4.97%.
The price of Brent crude futures, the international benchmark for oil prices, closed at $71.65 per barrel on Wednesday, after hitting a five-month high, despite rising U.S. crude stockpiles.
Group Managing Director of state-owned Nigerian National Petroleum Corporation (NNPC), recently assured Senators would meet the budget benchmark 2.3 million barrels per day oil production target.