Nigeria’s forex reserves hit three-month high

Nigeria’s foreign exchange reserves have risen to the highest level in more than three months, according to the latest data from the Central Bank of Nigeria.

The reserves, which have risen consistently since August 25 after wobbling for several weeks, hit $34.26bn last Friday, the highest since May 26. The reserves gained $870m in the 10 days to September 3.

The CBN data showed that the reserves fell to a record low of $33.09bn on July 12 from $34bn on June 10.