Market News
Nigeria's FX reserves rise to three-month high of $34.07bln -
This represented a 3.5% or $1.16 billion increase over the half-year period
Nigeria's foreign exchange reserves rose to a three-month high of $34.07 billion on June 26, up from $32.91 billion at the start of the year, according to data released by the central bank on Friday.
This represented a 3.5% or $1.16 billion increase over the half-year period.
Nigeria has grappled with dollar shortages in recent months, forcing the authorities in Africa's most populous nation to twice devalue the naira currency within the past year.
Analysts attributed the rise in reserves to higher prices and improved earnings from oil, Nigeria's main export, and inflows from foreign investors lured by the central bank's high yields on treasury bills auctions.
(Reporting by Elisha Bala-Gbogbo; editing by Mark Heinrich)
