Nigeria’s Foreign reserve rises to $41.3bn

The nation’s foreign exchange rose further to $41.3 billion even as the Central Bank of Nigeria, CBN, sold $177 million at the bi-weekly Wholesale Dutch Auction System, WDAS, session.

According to the CBN, foreign reserves rose to $41.33 billion on Tuesday from $41.186 billion at the end of last month. This represented a 0.3 per cent increase and a 26 month high when compared with its level of $38.59 billion as at August 10,2010.

Meanwhile, the CBN sold $177 million at the WDAS session, while the naira appreciated in official market and interbank market.  Result of the WDAS showed that the official exchange rate dropped to N155.77 per dollar from N155.78 last week, representing one kobo appreciation for the naira.


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