Nigeria’s FX buffer rises to almost 3-year high $33.1bn on Oct 12 -CBN data

Nigeria’s FX buffer rises to almost 3-year high $33.1bn on Oct 12 -CBN data

NIGERIA’S foreign exchange reserves rose to the highest in almost three years as of Oct. 12, hitting $33.11 billion, central bank data showed on Tuesday.
That put the country’s dollar reserves back at a level not seen since December 2014, the data showed.
The bank did not provide a reason for the increase in reserves. Nigeria’s forex buffer stood at $25.73 billion, up 28.68 percent from a year ago, but is still far off a peak of $64 billion hit in August 2008.
(Reuters)