Foreign exchange reserves rose 0.89 percent month-on-month to $38.14 billion by April 28, from $37.80 billion by March 28, data from the Central Bank of Nigeria (CBN) showed on Wednesday.
The forex reserves, however, dipped by 21.92 percent year-on-year as they stood at $48.85 billion a year earlier.
Nigeria’s forex reserves fell drastically earlier in the year in the wake of U.S Federal Reserve tapering of its economic stimulus package, leading to the exit of offshore investors from the local debt market and rapid depreciation of the local currency. Renewed interest in the local debt by offshore investors has boosted Africa’s top energy producer’s forex reserves.
Reuters
