Nigeria’s foreign exchange reserves are at their highest in a year rising by 2.96 percent on the month to $36.47 billion.
According to data released by the Central Bank of Nigeria on Monday, the forex reserves stood at $35.42 billion a month earlier and were at $33.09 billion dollars this time in 2011.
Currency traders said rising dollar flows from offshore investors buying local debt and large dollar sales by local units of multinational oil companies had washed onto the market in the past few weeks.
The reserves opened the year 2012 on January 3 at $32,985,598,844. By February 3, 2012, it had risen to $34,750,615,695.
It made a significant jump to $35,035,908,409 on February 13 before dipping to $35,020,737,045 the following day and $34,977,812,639 by February 15.
By the next day, it had again dipped to $34,930,760,062.
But it moved up steadily again by March 19 to $35,076,730,045.17 and remained on a positive note till April 12.
The difference between the 2012 opening figure and the latest position as at April 12 indicates an upswing in the position of the nation’s reserves.