Nigeria’s foreign exchange reserves rise to 19 month high -cenbank – Reuters

dollar to naira

LAGOS Feb 17 (Reuters) – Nigeria’s foreign exchange reserves climbed to $29 billion as of Feb. 15, their highest level in 19 months, data showed on Friday as the central bank tries to rebuild currency buffers hammered by low oil prices.

The rise coincides with a recent rise in the price of crude, which account for the bulk of Nigeria’s foreign currency earnings.

Nigeria’s reserves are up 11.2 percent from this year but are still far off their peak of $64 billion hit in August 2008. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha; editing by John Stonestreet)