Nigeria’s Foreign Exchange Reserves Increase By $1.12bn In One Month

Nigeria’s Forex reserves have appreciated by 1.12 billion dollars in the last one month, boosted by a rally in oil prices and a relatively stable foreign exchange market.

Data from the central bank shows an increase in the reserves from 32.74 billion dollars in October to 33.86 billion dollars as at November the 1st.

In the last 10 months, the reserves have grown by 31.03 percent, which is 8.01 billion dollars from 25.84 billion dollars at the end of 2016.

Analysts believe the forex reserves will continue to remain at comfortable levels with the improved outlook of the country, and an increased inflow of foreign exchange through oil sales and foreign borrowings by the government.

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