Nigeria's Forex reserves hit 6-month high

Nigeria's Forex reserves hit 6-month high

 Wednesday February 15, 2012


Nigeria's foreign exchange reserves rose just over 4 percent on the month to $35.03 billion on Feb. 13, their highest in six months, central bank data showed on Wednesday.

Reserves a year ago stood at $34.44 billion.

Reserves had been declining for the last three years despite record high prices for oil, the source of around 95 percent of Nigeria's foreign exchange earnings.

But some of the broader pressure on the naira has eased, allowing the central bank to spend less of its reserves propping up the currency while global prices for crude surge toward $120 a barrel. 



Source: Reuters (Reporting by Oludare Mayowa)



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