Nigeria foreign reserves rise to highest level in 9 months- cenbank data – Reuters

dollar to naira

LAGOS Jan 24 (Reuters) – Nigeria’s foreign exchange reserves rose 8.9 percent to $27.49 billion by Jan. 20 from a month ago, climbing to the highest level since April, central bank data showed on Tuesday.

The reserves are down 3.17 percent from the same period in January 2016, however.

The central bank did not provide any reason for the recent rise in reserves, although it may be due to the rise in global oil prices and in the OPEC member’s production levels. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; Editing by Hugh Lawson)