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Exchange Foreign Rate Reserves Rises by $598m

Nigeria’s foreign exchange reserves rose by $598m in the past month despite unrelenting pressure on the naira and dollar demand.

The increase brings the stock of reserves to $24.49 billion, up from $23.91 billion four weeks ago, representing a 2.5 per cent rise.

It also closed up a two-month decline to $247 million, after losing $836 million between September ($24.74) and October ($23.91).

Crude oil price stability, slight improvement in capital importation and the FG’s management of the foreign exchange policy through the CBN contributed to the assessed reserves’ accretion.

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