After months of steady decline, the foreign exchange reserves gained $23.7 million last week closing at $38.3 billion.
According to a report by Afrinvest West Africa Limited, an investment and research firm, the six basis points uptick in external reserves on January 15 came after months of declines.
Experts say last week’s recovery followed projected rise in quarterly oil revenue to around $15 billion at the new oil price of $68 to $69 per barrel following tensions from Iran response to the US killing of its military commander, Qassem Soleimani.
The foreign reserves level stood at $39.65 billion by November 21, last year, compared to $40.33 billion as at end of September 2019.
The reserves were at all-time high of $68 billion in August 2008 before the global financial crises impacted negatively on them.
The reserves position has continued to impact on naira exchange rate stability.