Nigeria's FX Reserves Rises to $33.1b

Nigeria’s foreign exchange reserves rose to the highest in almost three years as of Oct. 12, hitting $33.11 billion, central bank data showed on Tuesday.

That put the country’s dollar reserves back at a level not seen since December 2014, the data showed, according to Reuters report.

The bank did not provide a reason for the increase in reserves. Nigeria’s forex buffer stood at $25.73 billion, up 28.68 percent from a year ago, but is still far off a peak of $64 billion hit in August 2008.

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