Nigerian foreign reserves, buoyed by rising price of crude oil, have jumped from US$58.3 billion to US$59.985 billion, according to the Central Bank of Nigeria (CBN).
The rising reserves have been attributed to the high price of crude oil in the international market, where it has crossed the US$100 per barrel threshold.
However, analysts have warned that the continued denomination of the foreign reserves in US dollars would reduce the value, in view of the dwindling fortunes of the American currency.
They have therefore advised Africa’s top oil producing nation to consider converting the reserves to more stable currencies, like the Euro and the Pound Sterling, in other to realise maximum benefits.
