Nigeria foreign reserves rise to highest level in 9 months

Central Bank data showed on Tuesday that Nigeria’s foreign exchange reserves rose 8.9 percent to $27.49 billion by Jan. 20 from a month ago, climbing to the highest level since April.

The reserves are down 3.17 percent from the same period in January 2016, however. The central bank did not provide any reason for the recent rise in reserves, although it may be due to the rise in global oil prices and in the OPEC member’s production levels.