Nigeria's forex reserves up 3.6 pct

Nigeria's foreign exchange reserves jumped by 3.63 percent on the month to $36.05 billion on April 12, their highest in more than one year, the latest central bank data showed on Monday.

The forex reserves of the top Africa's biggest crude exporter stood at $34.47 billion a year ago and were at $34.74 billion a month earlier.

Though the reserves have seen declining in the past three years despite rising oil prices, gradual reduction in demand for dollars at the bi-weekly forex auction this year has meant the central bank spends less of its reserves to support the naira.

Nigeria relies on crude exports for more than 95 percent of its foreign exchange earnings and investors watch reserve data closely to gauge the defences Africa's second largest economy has against a potential dip in oil prices.


www.abndigital.com

This article was originally posted on Sustainable Development Africa Platform

Are you interested in Market Research, Recruitment and Business Leads?

Join the Africa Business Panel, powered by Africa Business Communities.

www.africabusinesspanel.com.