Monday, April 19, 2010

Nigeria's forex reserves climb 2%

By Oludare Mayowa

Nigeria's foreign exchange reserves rose 2.06 percent to $41.51 billion as at April 15, up from $40.68 billion at the end of March, the central bank said on Monday.

The regulator said the reserves were well above the internationally recommended 3-month import cover level and were sufficient to finance more than 17 months of import bills for sub-Saharan Africa's second biggest economy.

Reserves totalled $42.41 billion at the end of last year, but fell due to large disbursement from oil windfall savings to Nigeria's three tiers of government between February and March.

"With the rising price of crude oil in the international market ... and improvement in output with peace in the Niger Delta, there is likely to be an improvement in the level of foreign exchange reserves in the near term," central bank said at the end of its Monetary Policy Committee (MPC) meeting on Friday.


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