Data from the Central Bank of Nigeria (CBN), on Tuesday, showed that 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.
The 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.
Nigeria’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.
