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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Nigeria’s foreign reserves rise to five-month high on oil

Posted on 11 March 2011

From Bloomberg: Foreign-currency reserves in Nigeria rose to the highest in five months as crude prices surged, signaling the likelihood that the country’s central bank may meet banks’ demand for international exchange.
The coffers of Africa’s biggest oil producer grew to $36.4 billion, according to data published today on the website of the Abuja-based Central Bank of Nigeria. The body, which offers foreign currency in auctions twice a week, has met lenders’ demand twice in 18 auctions held so far this year……………………………………….Full Article: Source


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