Nigeria’s foreign reserves on the rise again

Nigeria’s foreign reserves have taken a second unusual turn in five months, rising for the third time
since President Muhammadu Buhari assumed office.
According to(CBN), the reserves rose by about $2.8 million between Tuesday and Wednesday.
The reserves, which were down to a record low of $27.993 billion on February 5, 2016, fell further to a new 11-year low of $27.801 billion on Tuesday, only to rise to $27.804 billion the following day.
The reserves ended 2015 at $29,069,779,152 and opened in 2016 at $28,978,207,412, losing approximately $92 million in the first trading day of 2016.
At about the same time in February 2015, the foreign reserves stood at $31.779 billion – $4bn more than it was on Wednesday.
The reserves fared better for the first time under Buhari, when it rose by $350 million to $31.43 billion as at August 27, 2015 – the biggest leap since power changed hands.
Since August, the reserves only rose by $13 million on Monday, and $2.8 million on Wednesday.
The management of the Nigerian reserves has come under fierce criticism, following the foreign exchange restrictions imposed by the CBN, as backed by the federal government.