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Central bank data showed on Monday that Nigeria’s foreign exchange reserves rose 1.43 percent to $28.28 billion in the week to Feb. 2, climbing to their highest level in a year, Reuters reports.
Nigeria’s dollar reserves have gained 8.39 percent so far this year but are far off a peak of $64 billion hit August 2008. The central bank did not provide any reason for the recent rise, which may be attributed to the rise in global oil prices.
The naira currency has been weakening on the black market, opening at 500 per dollar on Monday as the central bank continues to ration dollar supply on the official market with demand rising.
