Nigeria's Foreign Reserves Rise 4.3 Percent
Nigeria's foreign reserves rose 4.3 percent to 7.9 billion dollars in August from 7.6 billion the previous month, the Central Bank of Nigeria (CBN) announced Monday.
The Bank said the increase was as the result of an inflow of 292 million dollars into the economy during the month.
Total foreign exchange receipt was 1.2 billion dollars while total outflow stood at 933.8 million dollars, it said.
The Bank said oil earnings also rose significantly during the month following rising world prices of crude oil.
Nigeria also earned 32.9 million dollars in interest on its reserves compared to 30.2 million dollars in July, it added -- LAGOS (AFP)
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