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