File: Wads of dollars

Nigeria’s external reserves have now returned to $42 billion just one month after it slumped below the current level.

According to the Central Bank of Nigeria (CBN), as at Wednesday, November 2, 2018, the amount in Nigeria’s foreign reserves was $41.992 billion, approximately $42 billion.

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The country’s external reserves, on October 31, had fallen to $41.995 billion from $42.062 billion the previous day and had been going worse.

On November 22, the external reserves slumped to $41.523 billion but began to gain momentum after.

The West African nation is a crude oil dependent nation; earns its foreign exchange mainly from it with a barrel of the Brent Crude going for $58.