Nigeria’s forex reserves up 5% January

Nigeria’s foreign exchange reserves stood at $40.56 billion as of Jan. 29, up 4.6 per cent from a month earlier, central bank data showed on Wednesday.

Successful debt sales, including multiple Eurobond offerings last year, have helped the government accrue billions of dollars in foreign reserves, although they remain far from the peak of $64 billion in August 2008.

The government raised $3 billion in Eurobonds in November and $1.5 billion earlier.

Credit: Reuters.