Nigeria�s external reserves rose to $54.63 billion by February 1 due to higher crude oil price in the international market, the Central Bank of Nigeria (CBN) has reported.
The reserves had stood at $54.43 billion during the week-ended January 25 and later dropped to $54.22 billion by January 31.
The CBN disclosed in its Economic Indicators report that the current level of reserves could support over 26 months of foreign exchange disbursements.
Daily Independent
gathered that the rise in the reserves level was due to the boom in the crude oil price, which rose to $95.62 per barrel by February 1 from $90.62 per barrel as at January 25.
The country�s average volume of output of crude oil remained at 2.2a1 million barrels per day as in the preceding week.
The apex bank disclosed that the currency in circulation declined to N864.42 billion during the week-ended February 1, as against N870.4 billion on January 25.
The currency in circulation had risen to its peak of N951.3 billion by January 4, only to begin a gradual cutback.
The latest decline, according to the bank, is attributable to the decrease observed in currency outside the banking system during the period.
The CBN also reported decline in the savings and lending rates during the period under review.
“The average interest rate on savings account was 3.33 percent as at February 1, as against 3.43 percent as at January 25 .
“The average prime lending rate of banks was 16.48 per cent as at February 1, compared with 16.66 per cent as at January 25. The average maximum lending rate of banks stood at 18.24 per cent as at February 1,” the bank added.
The naira maintained its stability against the dollar in the official trading window, the Wholesale Dutch Auction Action (WDAS) during the period.
The naira exchanged for N116.31 to a dollar at the WDAS during the week February 1 as in the preceding week.