Thanks to recovery of crude oil prices, Nigeria was able to add up to $12.9 billion on its dollar reserves in one year.

The dollar reserves, also known as foreign exchange reserves, rose by 50% in the last one year to hit $38.73 billion on December 28, 2017, the Central Bank of Nigeria data showed on Sunday.

Between January and October 2017, the reserves rose by $8 billion, indicating a 30.9% increase when it recorded $33.83 billion on October 31.

The CBN latest statistics showed that as of December 22, 2017, the Nigeria’s foreign reserves stood at $37.92 billion.

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Besides the rise in global oil prices, other factors such as relative stability in the Niger Delta, improvement in Diaspora remittances and establishment of the Investors and Exporters Foreign Exchange Window by the CBN in April 2017 have led to significant growth in the external reserves especially in the second half of the year.

The breakdown of the latest figure showed that the reserves gained $3.8 billion in almost one month, rising from $34.9 billion on November 30, 2017 to $38.7 billion on December 28, 2017.

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