Nigeria foreign reserve don climb to $42.8bn, wetin e mean?

Nigeria foreign reserve don rise go 42.8 billion dollars. Image copyright PIUS UTOMI EKPEI/GETTY IMAGE

Di central bank of Nigeria just carry information comot wey show say di country foreign exchange reserves don rise go $42.8 billion.

Di reserve wey bin open with about $39.3 billion during di new year, grow by $3.5 billion.

Tori be say crude oil price wey go up reach $71 per barrel for January, na im make dis increase dey, before e come come down to $62 dollars per barrel.

But how dis increase go take affect things for di country, and wetin e mean? Dis na question wey ordinary Nigerians for street dey ask.

Grace wey be banker tell BBC News Pidgin say na good sign for di economy, and e go make other countries dey look Nigeria with better eye.

"E also mean say if anything happen to Nigeria, like dem dey broke or get any palava, dem go get backup from di money wey dey di foreign reserve."

Grace add say dis go also make foreign business pipo to come invest inside di country.

Michael Diongoli, wey be economist tell BBC News Pidgin say dis increase no mean say di life of di common man go dey better, but for Nigeria, e mean say di government get savings for account in case of rainy days, like wen government no fit pay salary, or no get money to do some kind project.

Mr Diongoli no gree say dis one go make investors come do business for Nigeria because plenty foreign business pipo dey look other things like government policy, security and how save dia business go dey, before dem decide to invest.

E conclude say dis rise for foreign reserve fit give di country good rating for World Bank, di International Monetary Fund (IMF) and odas.

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