Nigeria's foreign exchange reserves climb 4.04 pct by Oct 27

Nigeria’s foreign exchange reserves climbed 4.04 percent to $33.68 billion as at October 27, from $32.37 billion in the previous month, latest data from the Central Bank of Nigeria (CBN) has shown.
The Africa's biggest economy dollar reserves also jumped 40.68 percent on year-on-year basis. The reserves stood at $23.94 billion in the corresponding period of last year.
The reserves hit their highest since 2015 as the global oil prices continue to rise due to tighter supply and comment by Saudi crown prince on determination to sustain output cut beyond 2018.
For the first time in over two years, Brent – the international benchmark for oil prices, rallied on Monday to $60.5 per barrel, above its highest level since July 2015.
Nigeria, OPEC member country depend largely on foreign exchange earnings from crude oil export, which means a continue rise in oil price will raise the level of its dollar reserves.
The West African country had suffered currency crisis two years ago in the wake of global fall in prices of oil, pushing the local currency down by more than 30 per cent.
However, with the improved dollar reserves, the country's central bank has been further strengthened to support the local currency.
The regulatory bank has consistently injected dollar into the forex market since its reform in February, while the exchange rate of the local currency has remained stable at all segment of the FX markets.
On the parallel marker other wise known as black market, the local currency has consistently traded around 363 to the dollar,while it remains stable at 305.50 to the dollar in the official interbank market.
On the investor and exporter forex window, the naira was quoted at 359.72 to the dollar on Tuesday.
Increased dollar flow into the investor window has also helped to boost the dollar buffer for Nigeria.