Nigeria’s foreign reserves at one-year high-CBN data

Nigeria’s foreign exchange reserves rose 1.43 per cent to $28.28 billion in the week to Feb. 2, 2017, climbing to their highest level in a year, Central Bank of Nigeria (CBN) data has shown.

Nigeria’s dollar reserves have gained 8.39 per cent so far this year but are far off a peak of $64 billion hit August 2008.

The CBN did not provide any reason for the recent rise, which may be attributed to the rise in global oil prices.

The naira currency has been weakening on the black market, opening at 500 per dollar on Monday as the CBN continues to ration dollar supply on the official market with demand rising.

Source: Reuters.