Nigeria’s foreign exchange reserves rose by $598m in the past month despite unrelenting pressure on the naira and dollar demand.
The increase brings the stock of reserves to $24.49 billion, up from $23.91 billion four weeks ago, representing a 2.5 per cent rise.
It also closed up a two-month decline to $247 million, after losing $836 million between September ($24.74) and October ($23.91).
Crude oil price stability, slight improvement in capital importation and the FG’s management of the foreign exchange policy through the CBN contributed to the assessed reserves’ accretion.
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