Nigeria's foreign exchange reserves rose by 8.9% to $27.49 billion as at January 20, 2017, climbing to the highest level since April 2016, central bank data showed on Tuesday.
The reserves were down by 3.17% from the same period in January 2016, the bank said not giving further details as to the reason behind the rise, Reuters reports.
The country’s foreign exchange reserves increased to $27.223 billion as at January 16, 2017, an increase of 5.3 percent.
This growth in the reserves may be as a result of the rise in global oil prices, the drop in militancy in the Niger Delta as sell as the rising oil exports.
Benchmark Brent crude was down by 5 cents at $55.18 a barrel on Tuesday, while U.S. light crude rose 5 cents to $52.80.
Anita Fatunji
• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...
• Investors seem to keep focusing on yields, which are high for the moment• New Leadership might see...
• Algeria grants commercial 5G licenses to top three telecom operators: Mobilis, Djezzy, and Ooredoo...
• ECOWAS Bank funds 47.7-km stretch of strategic 700-km road project• Lagos-Calabar highway seen boo...
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector cou...
• Cameroon and Chad plan to launch free mobile roaming by August 11, following a joint coordination meeting in N'Djamena• The move revives a stalled CEMAC...
• IsDB approved €200 million for Abidjan’s urban transport upgrade, focused on the Yopougon–Bingerville corridor.• Project includes a 20 km BRT line,...
• WAF targets 290,000+ ounces of gold in Burkina Faso for 2025, up 40% from 2024• Output driven by new Kiaka mine and continued production at Sanbrado•...
Backbone Infrastructure will build a $15 billion refinery in Nigeria's Ondo State, with a capacity of 500,000 barrels per day. This facility will be...
Located about 40 kilometers from Cape Town’s city center, Boulders Beach in Simon’s Town is one of the Cape Peninsula’s most iconic destinations. This...
The Gerewol tradition is a fascinating ritual celebrated by the Bororo Fulani, a nomadic community primarily located in Chad and Niger. This annual...