Nigeria's FX reserves hit 25-mth high

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Nigeria's foreign exchange reserves rose to a more than 25-month high of $38.62 billion by August 29, and were 5.81 percent up on the previous month, driven by rising crude exports from Africa's top energy producer.

Nigeria's crude oil production hit a record high of 2.7 million barrels per day (bpd) on August 1, the state-oil company NNPC said this month, boosting foreign exchange earnings, about 85 percent of which come from oil.

The foreign reserves stood at $36.50 billion on same date last month and at 37.18 billion on August 25 last year, the closest available comparable figure.

Nigeria's forex reserves have not been as high since July 12, 2010, when they stood at $38.77 billion. - Reuters


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