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Home Markets Currencies

Nigerian Foreign Reserves Is Up By 3.8% To $38.5billion

Nairametrics by Nairametrics
July 22, 2014
in Currencies, Politics
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Nigeria’s foreign exchange reserves climbed to $38.49 billion on July 18, a 3.8 percent increase on a month ago, when they were $37.09 billion, owing to a more stable local currency, data from central bank showed on Tuesday.

Nigeria’s naira has remained stable against the U.S dollar in the past two weeks around 161.5-162.25, supported by slowing demand for the dollars and increased dollar flows from independent sources other than the central bank.

Africa’s top crude exporter’s forex reserves were however down 18 percent year-on-year, the data showed. The reserves stood at $46.93 billion on July 18, 2013.

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Reuters

Tags: CBN NigeriaNews Review
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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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