Nigeria at present owes $10.6 billion to foreign creditors

Nigeria may be turning a corner in its dollar reserves, as data published by the Central Bank of Nigeria shows a rise since 12 February.

Nigeria opened the year on 4 January with $28.978billion in the reserves. Four days after, the figure  fell to $28.895 billion . By 12 February it was $27.839 billion, falling further to $27.820 billion on 3 March.

According to the CBN latest data, it increased to $27.841 billion, the first significant increase since 12 February.

The increase is linked with the rising prices of crude oil, Nigeria’s main foreign exchange earner.

Brent crude today held steady in Asia at  $40.43 , a major difference, compared to the below $30 slump in January and February.