Foreign Reserves Up 3.8% MoM – CBN

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 N161.5-N162.25, 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.
Source: Reuters

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