LAGOS (AFP) — Nigeria's foreign currency reserves rose this week to 59.7 billion dollars, a slight increase over 58.4 billion in October 2008, the Central Bank of Nigeria (CBN) said on Friday.
The CBN did not give any reason for the rise in the reserves, which has dropped consistently in the past few months as a result of lower crude oil prices in the international market.
Oil prices have more than halved since hitting record levels of above 147 dollars in July on concerns about the faltering global economy.
Since the beginning of 2006, militant attacks have cut Nigeria's oil output by more than one quarter. Production currently stands at between 1.8 and two million barrels a day against 2.6 million barrels a day two years ago.
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