The country’s forex buffer also rose 8.0 percent within one year, from $39.92 billion a year ago, but is still far off a peak of $64 billion hit in August 2008.
Accretion to the foreign exchange reserves has been slowed in recent time due to fluctuation in global crude price and falling revenue from the non-oil sector.
Oil price rose to $62 per barrel on Tuesday from $58 a barrel previously as the Organisation of Petroleum Exporting Countries (OPEC) cut back on output to stabilise prices.
Nigeria depends largely on earnings from oil export to build its forex reserves and finance government budget.
However, huge import bill on gasoline importation, food items and raw materials for manufacturing firms continue to eat up Nigeria’s foreign exchange earnings and erode forex buffer.
The Central Bank of Nigeria (CBN) has continued to inject dollar into the domestic foreign exchange market to steam pressure on the local currency and help stabilize the exchange rate.
The naira closed at 306.8 tto the dollar on the official interbank market on Monday, 362 to the dollar on the parallel market and 362.46 naira at the investor's window.
The local currency has remained relatively stable on all segment of the forex market due to regular dollar sales by the CBN to support the naira.
Nigeria depends largely on earnings from oil export to build its forex reserves and finance government budget.
However, huge import bill on gasoline importation, food items and raw materials for manufacturing firms continue to eat up Nigeria’s foreign exchange earnings and erode forex buffer.
The Central Bank of Nigeria (CBN) has continued to inject dollar into the domestic foreign exchange market to steam pressure on the local currency and help stabilize the exchange rate.
The naira closed at 306.8 tto the dollar on the official interbank market on Monday, 362 to the dollar on the parallel market and 362.46 naira at the investor's window.
The local currency has remained relatively stable on all segment of the forex market due to regular dollar sales by the CBN to support the naira.
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