The forex reserves of Africa's biggest economy stood at $43.34 billion in October last year, but deep as low as $41 billion in the subsequent months before it started rising again.
However, forex reserves fell by 3.86 percent year-on-year as the figure a year ago stood at $45.05 billion, according to data harvest from the CBN website.
On a month-on-month basis, the external reserves rose marginally by 1.36 percent. The reserves were at $42.73 billion in the same period of last month.
Foreign exchange reserves are monies or other assets held by a central bank or other monetary authority so that it can pay if need be, its liabilities.
Nigeria's external reserves growth is mainly influenced by global crude oil price, which currently stands at $66.03 per barrel in the international market.
Local currency is enjoying a relatively stable rate at all segments of the foreign exchange market as a result of the improved in external reserves quantum.
The naira is trading at 306.95 to the dollar on the official CBN window, stable at 360 per dollar on the parallel market and closed at 360.13 to the dollar on the investors' window on Tuesday.
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