- Loud, Quiet, or Contextual? What European and African Consumer Behaviour Reveals About Status, History and Power
- Property Investment in Uncertain Times: How to Maximise Returns in a Shifting Economy - Eva August, CEO, Century 21
- Railway infrastructure is one of the solutions to Africa’s Trade Expansion - Caroline Trefault, MSC’s Intermodal Africa Manager
- The Precision Transition: Designing Africa’s power systems for reality, not abstraction
- Three weeks of conflict have tested the logic behind a rand-only portfolio - Harry Scherzer, CEO of Future Forex
Nigeria’s foreign exchange reserves rise by 1 pct by May 15
Lagos, Nigeria (Capital Markets in Africa):- Nigeria’s foreign exchange reserves rose marginally by 1.05 percent month-on-month to $29.80 billion by May 15 from $29.49 billion a month earlier, data from the central bank showed on Tuesday.
The forex reserves of Africa’s biggest economy and top crude exporter have been on the decline since last year when the central bank used the reserves to support the ailing naira currency, which has depreciated by 7.5 percent so far this year due to falling global oil prices.
The reserves were however down 20.6 percent year-on-year, compared with $37.54 billion in the same period a year ago.
Source: Reuters Africa Online Report Business News