Nigeria’s foreign reserves rise to $30bn

Latest data from the Central Bank of Nigeria indicates that foreign exchange reserves rose to $30.69 billion in July, an increment of 5.6 percent from $29.03 billion in June.

However, the forex reserves were down by 20.9 percent from $$38.8 billion a year ago.

The growth in reserves for the month was attributed to efforts of the effort of the present government to plug leakage and demand management by the apex bank.

The central bank restricted access to foreign exchange by last month and introduced tight control of the foreign exchange market to curb speculation and conserves forex reserves.