Nigeria’s forex reserves down $570m to $35.63bn despite oil rally

The foreign exchange reserves of Nigeria, Africa’s biggest oil producer, fell by $570 million in the first 15 days of this month despite the rise in global oil prices.

The forex reserves stood at $35.63 billion as of Feb. 15, compared with $36.20 billion at the start of the month, according to the Central Bank of Nigeria.

The reserves have been on a downward trajectory since late last month, falling from a high of $36.52 billion on Jan. 25.

Brent crude, the global oil benchmark, has risen by more than 14 per cent since the end of January, when it closed at $55.25 per barrel. It stood at $63.36 per barrel as at 8.05pm GMT.