Nigeria’s forex reserves hit eight-month high of $36.26bn

Nigeria’s foreign exchange reserves have jumped to the highest level in eight months, according to the latest data from the Central Bank of Nigeria.

The reserves have gained more than $2 billion so far this month, rising to $36.26 billion on Sept. 27 from $34.02 billion at the end of last month.

Following the announcement of the allocation of special drawing rights by the International Monetary Fund on Aug. 23, the country’s reserves have risen consistently since Aug. 25 after wobbling for several weeks.

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