Posted by Source: Xinhua on
Nigeria's external reserves increased to 23.29 billion US dollars in May this year, hitting an all time high, the Central Bank of Nigeria (CBN) said Thursday.
Nigeria's external reserves increased to 23.29 billion US dollars in May this year, hitting an all time high, the Central Bank of Nigeria (CBN) said Thursday.
According to the CBN monthly report for May 2005 released Thursday in the Nation's commercial capital Lagos, this figure represents about 4.9 percent increase over the 22.21 billion dollars recorded in April.
"At the current rate of foreign exchange commitments, the level of reserves could finance 18.2 months of foreign exchange disbursement," it said.
The bank said there was a net inflow of 1.08 billion dollars foreign exchange in May and the total inflow during the month amounted to 2.36 billion dollars while the outflow 1.28 billion dollars.
"Compared with the levels of 2.12 billion dollars and 1.76 billion dollars in the preceding month, inflow rose by 11.3 percent, while outflow fell by 23.4 percent," it said.
Nigeria's external reserves have increased by a big margin since last year as a result of a drastic increase of oil price on the world market.