Nigeria’s foreign exchange reserves rose to $30.69 billion by July 22, up 5.6 per cent from $29.03 billion a month earlier, latest data from the Central Bank of Nigeria (CBN) has shown. However, the forex reserves were down 20.9 per cent from $$38.8 billion a year ago.
The growth in reserves for the month was attributed to efforts of the present government to plug leakage and demand management by the apex bank. The CBN restricted access to foreign exchange last month and introduced tight control of the foreign exchange market to curb speculation and conserve forex reserves.
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