Business Nigeria’s Forex Reserves Hit $32.7Bn, Highest in 2 Years

Nigeria’s foreign exchange reserves rose 3.12 per cent month-on-month to $32.74 billion by Oct 3, the Central Bank of Nigeria (CBN), had said, indicating a significant growth in the country’s dollar savings.

The external reserves were at $31.75 billion a month earlier. 

Nigeria’s dollar reserves peaked at the highest in more than two year due to stable global oil price and increase crude production output.

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The forex reserves were up 34.23 per cent from $24.39 billion a year ago.

Nigeria, Africa’s top economy had suffered currency crisis two years ago in the wake of global fall in prices of oil, pushing the local currency down by more than 30 per cent.

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