Nigeria's foriegn exchange reserves depreciated by by $251 million this month.The reserve stood at $27.840b compared to an amount of $28.091b which the reserve was holding as at the beginning of the month.
There are projections that the reserves may depreciate further considering international obligations and bilateral agreements that had been entered by the country whose payments are from the reserves as well as the settlement of large swap positions between the banks and the Central Bank of Nigeria (CBN).
Crude oil prices continued to march higher in choppy trade on Monday, gaining on hopes of production cuts to help re-balance an oversupplied market. On the New York Mercantile Exchange, light, sweet crude futures for delivery in March rose 39 cents, or 1.4 per cent, to $29.83 a barrel, while April Brent crude gained 31 cents to $33.67 a barrel.
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